LAW firm Ogier has joined forces with a Bahrain-based independent accounting and advisory services firm called Keypoint to create a new professional services company.
Two Seas Trust will offer personal and corporate trust services under Bahraini trust law to the increasing number of corporates and ultra high net-worth individuals in the Middle East who are seeking to take advantage of the flexibility and confidentiality of the trust concept.
‘Ogier has a strong offering in trust services in our existing jurisdictions and we very much welcome this opportunity to join forces with Keypoint in establishing a presence in Bahrain,’ said William Simpson (pictured), managing partner of the Guernsey law firm.
‘The Middle East is becoming an increasingly important market to us and we are delighted to have now extended our reach into this region.’
The joint venture has been licensed by the Central Bank of Bahrain under the Financial Trust Law 2006.
Trusts are a widely used mode of wealth management in many Western countries, but remain a relatively new phenomenon in the Middle East.
Bahrain is one of the first countries in the area to enact its own trust law in response to increasing wealth and interest in personal wealth planning in the region.
Keypoint managing director Wajdi Al Jallad said: ‘We are proud to have joined forces with Ogier to establish Two Seas Trust in order to create a foundation for trust business in Bahrain and the Middle East.
‘We are confident that the highly professional expertise of Ogier in trust services will contribute significantly towards the benefit of this industry in the region.’
Sheikh Mohammed bin Essa Al-Khalifa, chief executive of the Economic Development Board of Bahrain, which facilitated the establishment of Two Seas Trust, said the new business would be a welcome addition to the country’s thriving professional services sector.
‘Bahrain is the most established and developed finance centre in the Gulf with a highly diversified economy and as such relies heavily upon fiduciary and other professional services to support the wide range of companies based here.
‘The choice of Bahrain by Keypoint and Ogier as a location for their new joint venture reflects not only the strong reputation of Bahraini trust law, developed by the CBB, but also the business-friendly attitude which makes setting up in the kingdom both simple and cost-effective.’
Article posted on 22nd October, 2008 - 2.30pm
Most Commented: