Kohlberg Kravis Roberts & Co, the alternative asset manager, has been granted a licence from the Dubai Financial Services Authority (DFSA) to do business in the country.
KKR MENA, a specially-created subsidiary of KRR, was approved to operate from the Dubai International Finance Centre by the DFSA and will cover private equity and infrastructure transactions in the Middle East and North Africa region. Benefits for firms operating from the centre include 100% foreign ownership, zero tax on income and profits and no restrictions on foreign exchange.
“We are delighted to officially launch KKR’s office in the DIFC and our operations in the rapidly developing Middle East and North Africa region,” says Makram Azar, managing director of KKR MENA. “There are a wide variety of attractive opportunities in these markets and our professionals here look forward to capitalising on KKR’s global resources to build an exceptional franchise.”
“The MENA region, and especially the Arabian Gulf, has been relatively less impacted by the ongoing global financial crisis than North America, Europe or Asia,” says Abdulla Al Awar, managing director of the DIFC Authority. “The Gulf has been particularly well-cushioned by the windfall revenues from the high oil prices witnessed during most of 2008. This surplus income has been earmarked for continued investments in infrastructure projects to upgrade existing ones and build new capacities. Concurrently, our region is also witnessing a deepening of the financial markets and private equity is not only abundant here, but is fairly active.”
KKR MENA joins over 750 firms that have already registered at the DIFC.
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