Investec senior executive officer, Darryn Solomon has been in the banking industry for over three decades. CFO South Africa spoke to Darryn about a new chapter in his Investec career which involves relocating to the UAE and setting up a new branch in Dubai.
As part of their extended international footprint, Investec has launched a new branch in the Dubai International Financial Centre (DIFC), with senior executive officer, Darryn Solomon moving to Dubai as Investec follows their clients into this rapidly expanding market.
“We decided to establish a branch that allows us to provide arranging and advising services to our clients in private banking, wealth and investment management, as well as corporate and investment banking,” Darryn explains.
In order to attract South African businesses and other international organisations, the DIFC has established a free zone that offers 100 percent foreign ownership, no currency restrictions, a strong regulatory environment, tax incentives, business-friendly infrastructure, access to a diverse market and a focus on innovation.
“We have worked closely with the DIFC and DFSA (Dubai Financial Services Authority) in order to get the necessary banking licence that allows us to operate in the region. Working with the regulators and government has been a smooth and efficient process,” Darryn shares.
Building communities for Dubai-South Africa collaboration
Since settling in Dubai, Darryn has been connecting with business associates in the UAE and has also joined the board of South African Business Council in UAE (SABCO).
Darryn is also quite familiar with the business opportunities that lie in the Gulf region for South Africa and the African continent at large, sharing that Investec has been assisting South African individuals and businesses looking to invest in Dubai.
Darryn and his team have also built relations with the Dubai government and are able to assist those who are trying to relocate and set up businesses in the region.
“In the case where you have CFOs who are part of organisations or corporates that are looking to expand outside of South Africa, particularly in Dubai; we’ve had first-hand experience and we have good relationships with the Dubai government,” Darryn says.
Setting the stage for businesses to thrive
Darryn made the big move from Johannesburg to Dubai in July, and although he has been visiting Dubai for the past 12 years, relocating to Dubai has been quite an eye-opener for him. He commends the government for making his relocation an incredibly efficient and smooth process.
“The government has been super-efficient in making golden visas available for corporates who are settling in Dubai,” Darryn says.
As Dubai intends on growing their expat community as part of its Dubai's Economic Agenda (D33), Darryn highlights how businesses can make the most of their visa offerings, especially the benefits of applying for a golden visa.
“I got my golden visa – which offers long-term residency for investors and entrepreneurs. This process with the support of the Dubai government was extremely efficient. They open up the red carpet for international businesses and that’s a game changer from a government perspective.”
“As South Africa, we can learn from this experience as the Government of National Unity in South Africa is focused on building pro-business and partnership-oriented policies and procedures,” Darryn affirms. “It highlights what can be done in an environment that encourages potential investments,” he added.
Creating a tourism hub
The Dubai Economic Tourism is a cluster within the Dubai government that supports both individuals and businesses settling in Dubai by helping them navigate the local ecosystem.
“The UAE has diversified its economy by developing tourism and establishing itself as a financial hub, which is why it has created various free zones like the DIFC and Abu Dhabi Global Market, to mention a few,” he shares.
Darryn points out that the expat population in the UAE significantly exceeds the national Emirati population. “The UAE has around 11 million people, with only about 2.5 million being Emirati. This means approximately 80 percent are expats, highlighting the importance of support for foreign professionals, international business development, as well as political and economic stability,” he explains.
In terms of South Africans living in Dubai, Darryn and his team estimate that there are about 150,000 South Africans living in the UAE region and while they are not all potential clients, many know Investec and are familiar with the bank’s quality of service, which will attract them to the bank.
The DIFC branch does not lend outside of the region, but instead provides arranging and advisory services.
“The DIFC branch uses our geographic footprint to extend our clients to a global network, including the enhanced services, resources, and investment processes of Investec Group in Switzerland and similar offerings through our Mauritius office,” he says.
Tips for CFO expats
As someone who has undergone the relocation process and helped to launch a business in the free zone, Darryn shares a few tips for our CFOs:
“I think one of the most important things for CFOs to do is to get someone on the ground who can assist you in navigating the Dubai ecosystem. You need to organise your visa, Emirates ID card, driver’s licence, etc."
“For me the easiest path would be to go through the Department of Economy and Tourism,” notes Darryn. “If you are a corporate coming in or if you are in a suitable sector, such as financial services, technology, healthcare or real estate, among others.”
Investec has successfully introduced their clients to Dubai’s Department of Economy and Tourism, shares Darryn, which then connects them to relevant services such as accountants, lawyers and even banks.
Location is also important in terms of family and where you work, says Darryn. Choosing the right school for your children is crucial and will likely determine where you live, as negotiating traffic in Dubai can be challenging.
