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Saudi royal to open SFO in Dubai

Saudi Prince Saud bin Mansour is to open a single family office within the Dubai International Financial Centre (DIFC).

Novaar Ltd, which is due to formally open within a month, will be a dedicated investment management and advisory platform for the Prince and unspecified members of his family.

"I am very pleased to expand the initiatives of my private investment office to DIFC," said the Prince, who was advised in establishing Novaar by Germany-based family office Harald Quandt Holding.

"Furthermore, DIFC continues to attract world-class legal, financial and management professionals, which in my opinion, should only serve to advance the opportunities available to those who choose to affiliate their interests with this dynamic global centre."

Last September, DIFC announced new regulations to encourage family businesses to establish single family offices in the emirate, saying that they are key players in the region's emergence as a powerful global player.

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