DS-Concept Factoring UAE Managing Director Discusses the Global Firm’s Progress in The Middle East
Mr. Ankit Goel- Managing Director of DS-Concept Factoring UAE
Reasons for move from Cairo to Dubai:
DS-Concept had successful operations in Egypt for 8 years. As we know, there have been major economic and political turmoil in the region, which has had a severe impact on the business environment. The economy was facing some serious challenges in sustaining its brisk pace and this lead to our decision to re-locate.
While the climate in Cairo was becoming increasingly chaotic, the UAE was witnessing a completely different scenario. After a few years of slow down due to financial crisis, the economy is now stabilized and is showing positive growth and we see promising signs of recovery on all fronts. Several global companies leverage Dubai as a strategic base to tap markets in the Middle East, Europe, Africa and beyond. As such an important global hub for corporates, our office in Dubai helps us better serve our global clients and helps us uncover new opportunities along the global supply chain.
All the above factors contributed to our decision to move from Cairo to Dubai.
The process/logistics of moving an office like this:
Once we took the decision to move from Egypt to UAE, the physical migration of office was straight forward. UAE provides a very business friendly environment to setup and operate companies in the region. Our top management was relocated and, given the diverse business environment in Dubai, we were able to quickly find talented employees with very diverse backgrounds and unique experiences to join our team.
Comparisons between Dubai and other DS markets: differences, similarities etc., and how moving impacts position in wider -regional (and global) market:
DS-Concept is truly a global trade finance and international factoring company. We work with clients and buyers across the world and are industry agnostic, servicing a wide array of companies buying and selling tangible goods.
The Dubai office covers huge region which includes Middle East, GCC and Indian Subcontinent, which makes it very diverse as compared to other markets of DS-Concept.
DS-Concept in Dubai is based at Dubai International Financial Centre (DIFC) and regulated by Dubai Financial Services Authority (DFSA). DIFC is one of the world’s fastest growing financial centers & DFSA provides incredible legal & regulatory framework and offers its members substantial capabilities to reach out to global businesses.
How you adapted your business to this change both prior to and immediately after the move:
It has been an amazing journey so far. On one hand, we have been working very closely with DFSA, the regulator for our financial services license, and on the other hand we have been engaged in developing our client base in the region.
We have now established ourselves as a global and credible player in the trade finance domain, our global network and years of experience assisting global corporates (many of whom have a presence in Dubai) has been key in assisting with this establishment. The marketplace recognizes DS-Concept for our flexible, innovative solutions and we work with clients as partners, in true sense.
DS-Concept has been granted Category-2 license by DFSA which enables DS-Concept to provide credit, advising on financial products or credit and arranging credit or deals in investment. DFSA goes through a rigorous process covering various aspects before issuing the license. Getting Category-2 license issued by prestigious regulator like DFSA in Dubai is a proud moment for DS-Concept as a Group and a major milestone in the history.
How things have evolved over the course of 2014/15 as you’ve settled into your new location, plus hopes for the future:
We had a great start of the business in the region. We have already signed multiple clients at the DS-Concept global group level across different industries and are exploring many more new opportunities.
Dubai being the logistics hub, we can see lots of trading and re-export opportunities in the region. Also, there has been positive momentum in Indian economy after the change in the Govt. at Center level.
Given that DS-Concept Factoring UAE is part of the DS-Concept Global Network, housed in DIFC (an onshore financial Centre in UAE having a strategic presence) and regulated by DFSA (one of the most prestigious financial services regulator in the world), we have all the right ingredients to make a huge success and make an impact on the market.
*Source: TRF News | https://www.trfnews.com
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