We are pleased to announce that Financial Navigator has opened its first international office in Dubai, United Arab Emirates.
Over the last decade, Dubai has established itself as the major financial center for the Middle East, North Africa and even Eastern Europe. Plus, as gateway to the Gulf Cooperative Council (a trading block consisting of Bahrain, Kuwait, Oman, Qatar and Saudi Arabia, in addition to the UAE), it holds an especially strategic location.
More Than Oil and Gas
There is a tendency to think of this part of the world as having only one dimension to its economy: oil and gas. While this may have been true in the past, it is not the case today. For instance, oil and gas represent only 7% of the economy of Dubai. Tourism, distribution, real estate development, construction, retail and financial services are all now important components of the overall economy.
Emergence of Family Offices in the Arab States
Most large businesses in the region are family-owned. As they become more sophisticated in managing, investing and diversifying their wealth, many of these groups are forming family offices. This has created a tremendous opportunity for us to provide a software solution to help them manage their diverse affairs.
Benefits for Existing Users
The nature of investing is increasingly impacted by the globalization of business. We recognize our responsibility to provide clients with the tools they need to confidently manage the complexity in their lives. By expanding our operations to an international financial center like Dubai, we are taking the steps necessary to continue the development of our products to meet the evolving needs of the global investor.
Global Edition of the Financial Navigator Platform
The result of these efforts will be the Global Edition of our software platform. This initiative is well under way and will produce a new version of our software for users who need multi-currency functionality and reporting based on the International Financial Reporting Standards (IFRS). We will have more to announce about this new edition in the future.
These are exciting developments, as we know our global expansion will benefit all of our clients in the years to come.
Meanwhile, if your travels take you to the Middle East, come visit our office in Dubai!
Financial Navigator, Inc.
Dubai International Financial Centre
Gate Village 10 Lev 3 Office 02
P.O. Box 125-115
Dubai, United Arab Emiratesb Emirates