The new office, in the Emirates Towers building, has been set up on the basis of a professional licence issued by the Dubai government's department of economic development. The office will initially focus on marketing and promoting the mother company's activities, says Cherif Massoud, an executive board member of EFG-Hermes Holding. Massoud will head the new office. EFG-Hermes international investment adviser Tristan Clube will be seconded to the office for six months from mid September.

'We see Dubai as a hub for regional expansion into Gulf markets, particularly Kuwait and Saudi Arabia,' says Massoud. 'For now we see it as important to establish a presence to show our commitment to the region. We will be watching to see what formula suits us as the Dubai International Financial Centre evolves.'

EFG-Hermes offers corporate finance, advisory and brokerage services, and manages a number of regional investment funds. Its most recent initiative has been the launch of an Iran fund (MEED 2:8:02).