PraxisIFM expands UAE offering with new licences and an additional office opening
In line with its Middle East development plans the Group has earned two key licences and opened a new office in the Dubai Multi Commodities Centre (DMCC).
PraxisIFM Group the global financial services business announces receipt of its licence to provide non-regulated Corporate Service Provider (CSP) services from the DMCC in Dubai as well as approval of its licence to conduct Compliance Consulting Services (CCS) to fund managers and administrators in ADGM. The Group has also announced the official opening of its new office in the Jumeriah Lakes Towers (JLT) in Dubai.
This is part of the company's forward-looking strategy to focus on delivering a simpler stronger and a more efficient business in the region as PraxisIFM marks its 50th anniversary year.
Licence to provide non-regulated CSP services from the DMCC and office opening in Dubai
The decision to obtain the licence to provide non-regulated CSP services in addition to its existing regulated work from the DMCC in Dubai was driven by growing market demand. As PraxisIFM continues to make strategic updates this year the new licence will enable it to be more competitive in the region as it covers the entirety of the UAE. Following receipt of this licence PraxisIFM has also announced a new office in the JLT in Dubai as part of the Group's Middle East expansion plans.
Martyn Crespel Chairman of PraxisIFM Trust Ltd (UAE) and a PraxisIFM Group Board Member said: 'We are delighted to receive the licence to provide non-regulated CSP services from the DMCC in Dubai. This is part of the building blocks for PraxisIFM to enable growth and allows the Group to increase the breadth of services offered to our existing clients while attracting new clients. For example this could be multinationals looking to establish themselves in the UAE and that are seeking the services from a regulated company like PraxisIFM.'
Securing CCS licence and new office opening in ADGM
The licence to conduct CCS to fund managers in ADGM will enable PraxisIFM to assist on advisory and governance matters. Very few licensed fund administrators in ADGM have this licence making this a differentiator for PraxisIFM in the area. It will also enable the Group to expand its client base in the wider investor pool.
Following receipt of the additional licence in ADGM PraxisIFM now has a team of 12 led by Dan Toft Senior Executive Officer at PraxisIFM. Dan has more than 20 years' experience in the offshore fiduciary services industry utilising PraxisIFM's extensive office network. Dan's background is specialising in wealth structuring for Middle Eastern families looking to safeguard assets for future generations.
In his current role Dan assists Gulf Cooperation Council based families looking to structure local assets and corporate clients exploring gratuity planning options. He also provides solutions to clients seeking to structure investment through ADGM's Funds regime.
Dan Toft Senior Executive Officer at PraxisIFM UAE said: 'We are proud to receive this licence to enable PraxisIFM to conduct Compliance Consulting Services for fund managers in ADGM. The ADGM is a leading global hub that drives innovation and is at the forefront of business development and will enable us to strengthen our position in the UAE. The ADGM will serve as a strategic hub for PraxisIFM to allow us to better serve our existing clients and grow the business.
'We see great opportunity in the region. With the global pandemic shifting work patterns and facilitating flexible working we are seeing a trend of UAE-based expat workers looking to make it their permanent home and putting down roots in terms of property and financial set-up. This has implications for their employers and company structures.'