Dubai's DIFC Regulator Issues License To UAE Fincl Co

DUBAI (Dow Jones)--Abu Dhabi-based investment company The National Investor became the first firm from the United Arab Emirates to receive a financial services license from the regulator of the Dubai International Financial Centre, the DIFC said Monday.

"We look forward to welcoming more Gulf Cooperation Council and UAE based organizations," said Omar bin Sulaiman, director-general of the DIFC, a tax-free zone hoping to turn Dubai into a global financial hub.

TNI said it intends to become a member of the DIFC's Dubai International Financial Exchange, hoping to broker primary and secondary listings for local, regional and international firms.

The DIFX, which launched in September, plans to attract equity, bond and Islamic finance products to the bourse that's open to foreign investment.

The exchange's sole equity, Beirut-based mobile operator Investcom, has yet to trade, but analysts are hopeful of an upturn in liquidity once UAE-based investment firms receive licenses and start trading as DIFX members.

Currently the only members allowed to broker on the exchange are international firms Credit Suisse Group (CSR), Deutsche Bank AG (DB), HSBC Holdings PLC (HBC), UBS AG (UBS) and Citigroup Inc. (C)

Egyptian investment bank EFG-Hermes in December also received a financial services license

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