AxiomSL, a technology firm providing software for regulatory reporting and risk management, will open an office in the Dubai International Financial Centre (DIFC).
The firm says its decision was prompted by the arrival in the Middle East of regulations such as the International Financial Reporting Standard 9, which concerns accounting rules, and the Foreign Account Tax Compliance Act, a law that seeks to tax non-resident US citizens.
“The timing is right for an office launch in Dubai,” said Ed Royan, chief operating officer in Europe, the Middle East and Africa.
AxiomSL says it has more than 600 staff based in financial centres including New York, São Paulo, London and Paris.
Tariq Hajwane, head of business development for the Middle East and Africa, said the new office would “address current and ongoing regulatory requirements and support those banks with a global presence who are subject to multi-jurisdiction reporting requirements”.
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