Prudential gets license to operate from Dubai
31st October 2006
UK-based financial services firm Prudential been granted a license from the Dubai Financial Services Authority to operate as an authorized firm from the Dubai International Financial Centre.
Prudential said that it will initially target a largely untapped and growing wealth management opportunity across the United Arab Emirates by providing investors in the region access, through financial intermediaries, to its existing international fund range.
The Pru also plans to launch new funds backed by assets from the region, as well as Sharia-compliant funds that will be available internationally.
The funds that will be available initially include the International Opportunities Funds (Luxembourg), Prudential ICICI Mutual Funds (India) and the M&G Funds (UK) range.
"The Middle East has great potential for wealth management and this base at the Dubai International Financial Centre (DIFC) gives us the opportunity to leverage our successful fund management operation to both access new customers and also cater to the growing Islamic finance sector," stated Ajay Srinivasan, chief executive of fund management for Prudential Corporation Asia.
In other Prudential news, ICICI Prudential Life Insurance has reportedly announced the launch of a new health insurance offering especially for customers with type 2 diabetes in India.