By Aroonim Bhuyan, IANS
Dubai : Leading credit rating agency Standard & Poor’s (S&P) opened its first office in the Middle East at the Dubai International Finance Centre here Monday.
“Gulf companies are increasingly accessing the global capital markets to address their financing requirements and recognise the benefits that Standard & Poor’s globally recognised credit ratings can provide,” S&P president Deven Sharma said at the launch of the office.
The move is aimed at fostering the development of deep and efficient capital markets across the region, linking local markets with the global economy, and enhancing transparency for investors.
The new office will be managed by Jan Willem Plantagie, S&P’s regional manager for the Middle East, and will offer Gulf financial market participants the agency’s full range of independent research, credit and fund management ratings, and index products.
“As the largest provider of credit ratings on conventional debt and Islamic sukuk and takaful, and with a growing array of Sharia-compliant equity indices on offer, Standard & Poor’s is well placed to support the growth of the Gulf’s debt and equity markets, expand its role as a global hub for financial services, trade and investment, and support the development of Islamic finance beyond its historical boundaries,” Sharma said.
Nasser Al Shaali, CEO of the DIFC Authority, expressed the hope that S&P’s presence would increase investor confidence in the region.
“We are certain that Standard & Poor’s will make an invaluable contribution to the unique offering of the DIFC, bringing increased sophistication and greater investor confidence to the regional market, and in turn helping to develop the region’s financial landscape,” he said.
DIFC is a 110-acre free zone and is one of the world’s fastest growing financial centres.
It offers its facilities to several sectors of financial activity including banking services, capital markets, asset management and fund registration, insurance and re-insurance, Islamic finance and professional service providers.