GemCapital launches EM business in Dubai

17 Jul 2011

Cypriot company GemCapital Investment Group has begun operations in Dubai, with a focus on global emerging markets, including Mena.

The company told Mena FM it is looking towards the Middle East as a hub of activity for its business, which offers hedging, brokerage, managed accounts, as well as an asset management department including portfolio management, wealth management and investment banking.

“Our goal and vision is to be in every emerging market: the Middle East, Asia, Europe and Latin America,” said Nick Michaelides, head of business development at GemCapital. “We understand that to be considered professional in the Middle East it is very important to have an office in the country. We are now looking at markets that no one else has attacked or entered into properly.”

According to Michaelides, Dubai, Saudi Arabia, Qatar and Bahrain will be key areas of focus for the new business. “These countries have both the ability and the people, hence our focus on them,” he said. “We are also interested in and have interest from Lebanon and Turkey.”

GemCapital has existing partners in Saudi Arabia, and depending on the demand, it may look into setting up an office in Saudi Arabia in the future. Michaelides added that the firm expects to reach $1bn of generated volume per month within three years of operations.