Australian platform provider Praemium is expanding its presence in the Middle East with a new office in Dubai, according to a report in local industry publication CPI Financial.
The Melbourne-based, Australian Securities Exchange-listed company already has a presence in London, Jersey, Hong Kong, China and Armenia, and currently has two people based in Dubai.
Praemium confirmed the report, saying the move was in an “embryonic” phase.
The expansion into Dubai was reportedly done with the aid of the Dubai Investment Development Agency (Dubai FDI), as well as services provider Capital International Group (CIG).
Praemium chief executive Michael Ohanessian is quoted by CPI Financial as saying that Praemium “is rapidly growing, and its presence in Dubai will facilitate the expansion of our activity. We look forward to building on our long standing relationships in the UAE.”
Founded in Australia in 2001, Praemium’s platforms now administer £50bn worth of investments across more than 300,000 accounts around the world. It launched its UK operations in 2008, and is now one of that country’s largest platform providers.