India@FDI Magazine

All these moves are
status as a global
business to a $7.8
trillion Middle East,
Africa and South Asia
(MEASA) region”
It has an NRI deposit base of `360
billion, with expatriates from the Gulf
accounting for 80 per cent of it.
Another private Indian bank
with major plans for the Gulf is Yes
Bank, which also hopes to set up an
office at the DIFC. The bank expects
regulatory approvals for the DIFC
branch, just two years after it opened a
representative office in Abu Dhabi.
Two other Indian banks that are
strengthening their presence at the
Dubai International Finance Centre
include Kotak Mahindra Bank and
Axis Bank.
According to Amiri, all these moves
are “a testimony to DIFC’s status as a
global financial services hub, connecting
Indian business to a $7.8 trillion
Middle East, Africa and South Asia
(MEASA) region.”
Even in the non-banking, finance
sector, Indian companies have been
strengthening their presence at the
DIFC. Last year, HDFC Life became the
first Indian insurance company to open
a branch in DIFC. HDFC International
Life and Re Co Ltd has an initial capital
outlay of $12.33 million. The company
offers reinsurance capacity to ceding
insurers and plays to foray into directly
underwriting insurance contracts.
Expanding global footprint
HDFC Life felt it was the right time to
expand its global footprint. “Dubai
continues to serve as a gateway for
global business and investment into
the region,” said a spokesperson.
“DIFC’s world-class legal and regulatory
frameworks combined with Dubai’s
unrivalled connectivity make it an
ideal platform to access finance and
investment across the Middle East,
Africa and South Asia.”
State-owned New India Assurance
Company also opened a regional
hub at the DIFC. It is the company’s
administrative control headquarters for
the Gulf region.
The DIFC notes that companies
including Aditya Birla Sun Life
Asset Management, IL&FS Global
Financial Services, IIFL Private Wealth
Management and Kotak Mahindra
Financial Services benefit from the
platform as it provides to access the UAE’s
NRI community, estimated at 2.6 million.
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