Frankfurt School Of Finance and Management

Academia
takes a commercial route

By Ross
Tieman

Published:
June 8 2008 21:00 | Last updated: June 8 2008 21:00

Commercialising
academic breakthroughs in science and technology is well-established,
but financial innovation has largely been the preserve of industry
practitioners.

Now Frankfurt
School of Finance and Management in
Germany is planning to break the mould by launching a novel financial
company spun out of academia.

“This
is evidence that spin-offs are not only viable in the biotech or
information technology sector,” says Udo Steffens, president of the
Frankfurt School.

“They
are also an innovative approach for business schools to achieve better
capitalisation of knowhow and knowledge and leverage further growth.”

The
business being formed into a standalone company is already an advisory
arm and fund management operation with more than €500m ($780m, £400m)
under management.

But
it is not another me-too competing with commercial firms for retail
investor cash and to employ equity or derivatives markets. Rather, it
is a niche player in the esoteric but growing world of microfinance to
speed economic development in eastern Europe. Its roots lie in the
opening of eastern European countries,

“The
telephone was always ringing with callers asking for training in this
field,” says Prof Steffens. As knowledge of the university’s expertise
spread, it soon found demand for advice too and developed a specialised
consultancy service.

Two
years ago that developed further with the launch of a Luxembourg fund,
the European Fund for Southeast Europe, designed in close co-operation
between academics at the Frankfurt School of Finance and Management and
a German state development bank, KfW.

The
aim was to channel money to financial institutions in south-east
Europe, including commercial banks, microfinance institutions and
investment companies. It supplies them with loans, guarantees, standby
letters of credit, bonds and other debt instruments. The ultimate
beneficiaries include more than 70,000 end-borrowers.

The
fund achieved a capitalisation of €500m by the end of last year, three
years ahead of schedule. It was designed by the experts in Frankfurt to
compartmentalise risk and the three tranches have different risk
profiles.

The
first-loss tranche comprises grants from donors, often European
government development agencies. The mezzanine tranche comes largely
from international financial institutions, such as the European Bank
for Reconstruction and Development. The senior tranche, amounting to
more than 30 per cent of funds committed, attracts money from private
sector investors, including Deutsche Bank and Sal. Oppenheim.

The
structure leverages aid donations to raise a lot more money to augment
the total funds available to invest in the region.

Research

The
people who manage the money have until now been employed by the
university. Sylvia Wisniwski, who heads the activity and who will run
the company, has a team of 20 people in Frankfurt and another 25 based
in the Balkans who seek investment opportunities.

Although
academics are closely involved, many of the staff are graduates of the
school who have moved into salaried jobs in this special fund
management business.

In
spite of approaches from would-be partners, the business school, a
not-for profit organisation, is turning its fund management arm into a
100 per cent-owned limited company.

Over
the past decade, “the motivation for us as an academic institution was
to grow revenue, which has been reinvested in research and teaching”,
says Prof Steffens.

Now
the management school wants to unleash the potential it sees in the
business it has created. Thus far, the business has one mandate. But
its expertise might well attract others and apply to funding climate
change investments, Prof Steffens believes. “We are very optimistic
that this will be a business that will grow very fast,” he says.

The
spin-off by Frankfurt School of Finance and Management, a €50m-a-year
operation, could inspire others to review their strategy. Both Tanaka
Business School at Imperial College in London and Harvard Business
School in the US have consultancy arms.

The
Frankfurt school sees the spin-off, which will take effect in August,
as simply the logical next step in a drive to consolidate and enlarge
its expertise in development finance.

Financial centre

Prof
Steffens is also busy recruiting a professor for the school’s new chair
in development finance. That will be followed by the launch of a Master
of Development Finance course. The two-year programme, leading to an
MSc, will deal with economics, finance and management, with a focus on
development issues.

Students
will spend three to four months working on a development finance
project in a developing country. Their placements will be arranged in
collaboration with the school’s International Advisory Unit. Some may
work in the spin-off or with its partner organisations, while many will
find themselves far from the beaten tourist tracks. The fund managed by
the company-to-be has operations in Bosnia and Herzegovina, Romania,
Serbia, Kosovo, Moldova, the Former Yugoslav Republic of Macedonia,
Albania and Bulgaria. It is poised to start operations in Ukraine.

Prof
Steffens and his school seem determined to remain leaders in
microfinance and development finance. The school has also established a
development finance research centre.

From
Frankfurt, this makes perfect sense. The city is the biggest regional
financial centre and, since the break-up of the former Soviet Union,
many German and Austrian financial institutions and commercial
companies have expanded into eastern Europe and the Balkans. The
school’s aim is to help plug the funding gap between commercial capital
and governments. But, in the process, it is acquiring and sharing
expertise with applications in other developing regions.

Copyright The Financial Times Limited 2008

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Companies at Dubai International Financial Center (DIFC)

Reg. Cert. No. Business Name Trading Name Date of Issue Status 0001 The GCC Energy Fund Managers Limited N/A 17.09.04 Active 0002 Julius Baer (Middle East) Limited N/A 19.09.04 Active 0003 Sovereign Global Investment Limited N/A 21.09.04 Active 0004 Legatum Global Holdings Limited N/A 22.09.04 Active 0005 Legatum Global Realty Limited N/A 22.09.04 Active 0006 Hogarth Davies Lloyd Limited N/A 22.09.04 Active 0007 Orient Global (Dubai) Limited N/A 23.09.04 Active 0008 Daman Real Estate Capital Partners Limited N/A 27.09.04 Active 0009 Dubai International Financial Exchange Limited N/A 29.09.04 Active 0010 Legatum Limited N/A 11.10.04 Active 0011 Franklin Templeton Investment Management Limited N/A 02.11.04 Active 0012 JARDINE LLOYD THOMPSON LIMITED N/A 07.11.04 Active 0013 Freshfields Service Company (Dubai) Limited N/A 29.11.04 Inactive 0014 International Finance Corporation N/A 06.12.04 Active 0015 Total Solutions Europe BV N/A 23.01.08 Dissolved 0016 Mackenzie Executive Search Limited N/A 09.12.04 Active 0017 Medaville (Middle East) Limited N/A 16.12.04 Active 0018 AIG MEMSA HOLDINGS, INC N/A 16.12.04 Active 0019 BNY Mellon Asset Management International Limited N/A 19.12.04 Active 0020 Credit Suisse N/A 04.01.05 Active 0021 Tradewind Business Media & Communications Co Limited N/A 04.01.05 Active 0022 Crown Capital Limited N/A 06.01.05 Active 0023 Persia International Bank Plc N/A 16.01.05 Active 0024 Alliance International Reinsurance Public Company Limited Alliance Re 18.01.05 Active 0025 BAC (Middle East) Limited N/A 23.01.05 Active 0026 Dubai International Capital L.L.C N/A 01.02.05 Active 0027 Mitsui & Co., Middle East Ltd N/A 08.02.05 Active 0028 Hopkins Architects Dubai Limited N/A 17.02.05 Active 0029 Bank Sarasin-Alpen (ME) Limited N/A 23.02.05 Active 0030 Tharaa Ltd Tharaa 28.02.05 Active 0031 Bain & Company Middle East, Inc. N/A 10.03.05 Active 0032 M.A.H Centre Limited N/A 20.03.05 Active 0033 Masterbrand (ME) Limited N/A 24.03.05 Active 0034 Confluence Project Management Pte Ltd N/A 30.03.05 Active 0035 Mourant & Co Limited N/A 04.04.05 Active 0036 Merrill Lynch Bank (Suisse) S. A. Merrill Lynch Bank (Suisse) S. A. Dubai 07.04.05 Active 0037 Temasek LLC Dome Café 10.04.05 Active 0038 Damas International Limited N/A 14.04.05 Active 0039 Swiss International Legal Consultants Limited N/A 18.04.05 Active 0040 The Export-Import Bank of Korea The Export-Import Bank of Korea Representative Office in Dubai 27.04.05 Active 0041 Armstrong International Limited N/A 01.05.05 Active 0042 Standard Chartered Bank N/A 12.05.05 Active 0043 Bespoke Limited Bespoke 18.05.05 Active 0044 Nuevo Limited Nuevo 22.05.05 Active 0045 Permal Investment Management Services Limited N/A 26.05.05 Active 0046 PRPi Consulting Middle East Limited N/A 29.05.05 Active 0047 Alpen Capital (ME) Limited N/A 29.05.05 Active 0048 Maples and Calder N/A 05.06.05 Active 0049 Bloomberg L.P. N/A 06.06.05 Active 0050 Mitsui E&P Middle East B.V. N/A 07.06.05 Active 0051 The McNair Partnership (Middle East) Limited N/A 07.06.05 Active 0052 Saudi Economic & Development Company Limited (SEDCO) N/A 16.06.05 Active 0053 International Resources Group Limited Odgers Ray & Berndtson 21.06.05 Active 0054 Yo Sushi Emirates (LLC) Yo! Sushi 22.06.05 Active 0055 The Lunch Box Limited N/A 29.06.05 Active 0056 Ansbacher & Company Limited N/A 03.07.05 Active 0057 Forsyth Partners Group Holdings Limited N/A 05.07.05 Inactive 0058 Translux Limited N/A 10.07.05 Active 0059 Lunettes, House of Quality Optics N/A 11.07.05 Active 0060 Barclays Bank Plc. N/A 11.07.05 Active 0061 Uni Holding Limited N/A 27.07.05 Active 0062 Deutsche Bank Aktiengesellschaft Deutsche Bank AG Dubai (DIFC) Branch 31.07.05 Active 0063 First Counsel Limited N/A 02.08.05 Active 0064 Oger Telecom Limited N/A 04.08.05 Active 0065 JogaCo Limited Joga Juice 07.08.05 Active 0066 Marina Star Pharmacy LLC Marina Center Pharmacy 08.08.05 Active 0067 Opus Limited N/A 14.08.05 Active 0068 Fortis Banque (Suisse) S. A. N/A 18.08.05 Active 0069 Kotak Mahindra (UK) Limited N/A 23.08.05 Active 0070 Rasmala Investments Holdings Limited N/A 24.08.05 Active 0071 Sharaf Travels (L.L.C.) N/A 28.08.05 Active 0072 Al Mojil Investment Limited N/A 30.08.05 Active 0073 Titan Holdings Limited N/A 30.08.05 Active 0074 Chartered Insurance Institute N/A 05.09.05 Inactive 0075 Proof Woody FZ LLC N/A 06.09.05 Active 0076 Kingdom Hotel Investments N/A 07.09.05 Active 0077 Bin Hendi Enterprises Limited Porsche Design 11.09.05 Active 0078 MTN (Dubai) LLC N/A 15.09.05 Active 0079 DIFX Guardian Limited N/A 15.09.05 Active 0080 American Life Insurance Company ALICO-MEASA 15.09.05 Active 0081 Lloyds TSB Bank Plc N/A 19.09.05 Active 0082 STEP Design & Carpet Limited STEP EVI 19.09.05 Active 0083 S. P. Jain Education FZ-LLC S. P. Jain Centre of Advanced Financial Studies 27.09.05 Dissolved 0084 Dubai Mercantile Exchange Limited N/A 28.09.05 Active 0085 M1 LIMITED N/A 28.09.05 Active 0086 MADO LIMITED MADO 04.10.05 Active 0087 The Information & Technology Publishing Company Limited Spectrum 09.10.05 Inactive 0088 Macilvin Moore Reveres Limited Liability Partnership N/A 09.10.05 Active 0089 Takaful Re Limited Takaful Re 11.10.05 Active 0090 Visual Optics Limited N/A 17.10.05 Active 0091 Café Barbera N/A 17.10.05 Active 0092 Aptec Holdings Limited N/A 18.10.05 Active 0093 Control Risks (Middle East) Limited Control Risks (Middle East) Limited 18.10.05 Active 0094 Al Mazaya Holding Company N/A 19.10.05 Active 0095 ICICI Bank Limited N/A 23.10.05 Active 0096 Group One Takaful Holding Company Limited N/A 26.10.05 Active 0097 Axiom Telecom LLC N/A 26.10.05 Active 0098 Enventure Middle East Limited N/A 08.11.05 Active 0099 Invesco Asset Management Limited N/A 08.11.05 Active 0100 Zurich International Life Limited N/A 09.11.05 Active 0101 Legatum Ventures Limited N/A 09.11.05 Active 0102 Walkers (Dubai) Limited Liability Partnership N/A 21.11.05 Active 0103 Yateem Optician Limited Yateem Optician 21.11.05 Active 0104 Man Investments Middle East Limited N/A 22.11.05 Active 0105 Falak Holding (L.L.C.) UCC CAFÉ JAPON 22.11.05 Active 0106 Dun & Bradstreet South Asia Middle East Ltd Dun & Bradstreed SAME Ltd. 23.11.06 Active 0107 MEHR (Melli Holding International) Limited N/A 30.11.05 Active 0108 Rasmala Investments Limited N/A 01.12.05 Active 0109 Saraya Holdings, Limited N/A 01.12.05 Active 0110 Mandviwalla Zafar and McCarthy Limited Liability Partnership Mandviwalla Zafar and McCarthy LLP 08.12.05 Dissolved 0111 Mashreqbank psc (ATM) N/A 08.12.05 Active 0112 Clifford Chance Limited Liability Partnership N/A 08.12.05 Inactive 0113 EFG-Hermes UAE Limited N/A 13.12.05 Active 0114 Al Sayer Enterprises For General Contracting & Buildings Co. Caribou Coffee 18.12.05 Active 0115 Japan Bank For International Cooperation N/A 18.12.05 Active 0116 Al-Arabi Capital Limited AB Capital 20.12.05 Active 0117 Injazat Capital Limited N/A 22.12.05 Active 0118 Standard Bank Plc N/A 02.01.06 Active 0119 Argent Financial Group International LLP N/A 02.01.06 Active 0120 The Emirates Credit Information Company Limited Emcredit Limited 03.01.06 Active 0121 The National Investor (Dubai) Limited N/A 03.01.06 Active 0122 Babcock & Brown (DIFC) Limited N/A 03.01.06 Active 0123 EFG Bank N/A 03.01.06 Active 0124 Superfund Financial (Middle East) Limited N/A 12.01.06 Active 0125 Linklaters N/A 12.01.06 Dissolved 0126 MRL Consulting SARL N/A 12.01.06 Active 0127 Xstrata Finance (Dubai) Limited N/A 15.01.06 Active 0128 Morgan Stanley & Co. International plc Morgan Stanley & Co. International plc (DIFC Branch) 15.01.06 Active 0129 Vitol Dubai Limited N/A 26.01.06 Active 0130 Oman Trading International Limited N/A 26.01.06 Active 0131 NBK Capital Limited N/A 01.02.06 Active 0132 Mashreq Capital (DIFC) Limited N/A 07.02.06 Active 0133 SHUAA Capital International Ltd. N/A 12.02.06 Active 0134 Zabeel Investments L.L.C. N/A 16.02.06 Active 0135 Signature Clubs International Limited Signature Clubs International (Dubai) Limited 20.02.06 Active 0136 Conyers Dill & Pearman Limited Conyers Dill & Pearman 20.02.06 Active 0137 Volaw Trust & Corporate Services Limited N/A 20.02.06 Active 0138 Ashurst N/A 21.02.06 Inactive 0139 Gulf Capital Group (DIFC) Limited Gulf Capital Group (DIFC), GCG 21.02.06 Active 0140 Baer Capital Partners Limited N/A 23.02.06 Active 0141 Fullerton Financial Holdings Pte. Ltd. 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DBS Vickers Securities, DBS Asset Management 16.03.06 Active 0157 Abraaj Capital Limited N/A 19.03.06 Active 0158 NATIXIS Middle East Limited N/A 19.03.06 Active 0159 Leebrook Global Investments Limited. N/A 19.03.06 Active 0160 Fitch Ratings Ltd. N/A 19.03.06 Active 0161 RFIB Group Limited RFIB Middle East 23.03.06 Active 0162 Nestle Treasury Centre - Middle East & Africa Ltd. N/A 28.03.06 Active 0163 Philip Morris Management Services (Middle East) Limited N/A 02.04.06 Active 0164 Legatum Global Development Limited N/A 03.04.06 Active 0165 Yasaar Limited N/A 11.04.06 Active 0166 Baka Holding Limited N/A 11.04.06 Active 0167 Al-Jomaih Investments Limited N/A 17.04.06 Active 0168 Caterpillar Financial Services (Dubai) Limited Cat Financial 17.04.06 Active 0169 National Bank of Dubai (PSC) (ATM) N/A 19.04.06 Active 0170 Dubai Aerospace Enterprise (DAE) Ltd N/A 19.04.06 Active 0171 SHUAA Partners Ltd N/A 20.04.06 Active 0172 Ashok Kapur & Associates Limited N/A 24.04.06 Active 0173 Dubai Financial Group LLC N/A 24.04.06 Active 0174 Morison Menon Limited N/A 30.04.06 Active 0175 Gulf Legal Limited N/A 03.05.06 Dissolved 0176 AIG MEMSA Insurance Company Ltd AIG MEMSA 03.05.06 Active 0177 International General Insurance Holdings Ltd IGI Holdings 07.05.06 Active 0178 Argent Global Holdings Ltd N/A 09.05.06 Inactive 0179 A.T. Kearney Limited N/A 09.05.06 Active 0180 Carey Pensions and Benefits Limited N/A 18.05.06 Dissolved 0181 DIFC Investments LLC N/A 22.05.06 Active 0182 Mixit Technologies Limited N/A 23.05.06 Active 0183 Exclusive Entertainment Corporation Limited N/A 24.05.06 Active 0184 Natixis Global Associates UK Limited Natixis Global Associates Middle East, a branch of Natixis Global Associates UK Limited, Natixis Global Associates Middle East 28.05.06 Active 0185 Sumitomo Mitsui Banking Corporation N/A 28.05.06 Active 0186 Food Hall Limited Subway 28.05.06 Active 0187 NBD Investment Bank Limited N/A 31.05.06 Active 0188 Grant Thornton Limited Liability Partnership Grant Thornton 31.05.06 Active 0189 Jumeirah Restaurants (LLC) the noodle house, Sana Bonta 05.06.06 Active 0190 Afridi & Angell N/A 07.06.06 Active 0191 Amanah Capital Limited Liability Partnership N/A 11.06.06 Active 0192 DIC Asset Management Limited N/A 11.06.06 Active 0193 Shera's Limited Scuzi? 12.06.06 Active 0194 Ibraheem Al Hashemi & Sons LLC Corsini Café 13.06.06 Active 0195 Forsyth Partners Global Distributors Limited N/A 15.06.06 In Liquidation 0196 Forsyth Partners (Middle East) Limited N/A 15.06.06 In Liquidation 0197 Codan International Limited N/A 18.06.06 Active 0198 design lab Limited designlab 21.06.06 Active 0199 Thomson Financial Limited N/A 21.06.06 Active 0200 AL Khaja Hospitality Ltd Hediard Café 22.06.06 Active 0201 Federal Express International, Inc. FedEx Express 25.06.06 Active 0202 Apex Fund Services (Dubai) Limited N/A 27.06.06 Active 0203 MerCURRIES LLC MerCURRIES 28.06.06 Active 0204 Heraymila Investments Limited N/A 29.06.06 Active 0205 First Eastern Investment Bank Limited N/A 02.07.06 Active 0206 Islamic International Rating Agency B.S.C ( C ) N/A 02.07.06 Active 0207 Michael Page International (UAE) Limited N/A 03.07.06 Active 0208 Lloyds TSB Plc (ATM) N/A 06.07.06 Active 0209 Bank Training & Development Limited N/A 06.07.06 Active 0210 JSA Law Limited JSA LAW 12.07.06 Active 0211 United Insurance Brokers (DIFC) Ltd UIB (DIFC) LTD 16.07.06 Active 0212 Bin Hendi Hospitality Limited Bella Donna 17.07.06 Active 0213 MIDDLE EAST COMMERCIAL SERVICES LIMITED MECOS 17.07.06 Active 0214 Capital Club Limited N/A 18.07.06 Active 0215 PricewaterhouseCoopers Limited N/A 18.07.06 Active 0216 Goldman Sachs International N/A 19.07.06 Active 0217 CCL Limited N/A 25.07.06 Active 0218 MSH (Dubai) Limited N/A 30.07.06 Active 0219 HENYEP INVESTMENT BANK LIMITED N/A 31.07.06 Active 0220 LEHMAN BROTHERS INTERNATIONAL (EUROPE) N/A 01.08.06 Active 0221 Citigroup Global Markets Limited N/A 02.08.06 Active 0222 Freshfields Bruckhaus Deringer N/A 02.08.06 Active 0223 Standard Chartered Bank (ATM) N/A 02.08.06 Active 0224 Emirates Investment Services Limited Emirates Investment Bank Interanitonal Limited 08.08.06 Active 0225 6σ 6 Sigma Financial Consultancy LLC N/A 09.08.06 Active 0226 DP World Limited N/A 09.08.06 Active 0227 Satya Capital (Dubai) Limited N/A 09.08.06 Active 0228 Export-Import Bank of India N/A 10.08.06 Active 0229 S.W.I.F.T. 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N/A 12.09.06 Active 0251 Shefa CEIC Limited N/A 12.09.06 Active 0252 KPMG Limited Liability Partnership KPMG LLP 17.09.06 Active 0253 Pannell Kerr Forster Partnership Pannell Kerr Forster 17.09.06 Active 0254 MEYMAH LIMITED N/A 17.09.06 Active 0255 ABN AMRO Bank N.V. N/A 19.09.06 Active 0256 IDS International Limited N/A 20.09.06 Inactive 0257 GOURMET GULF CO (LLC) GOURMET BURGER KITCHEN (GBK) 20.09.06 Active 0258 PRUDENTIAL ASSET MANAGEMENT LIMITED N/A 20.09.06 Active 0259 HSBC BANK MIDDLE EAST LIMITED HSBC BANK MIDDLE EAST LIMITED-DIFC Branch 21.09.06 Active 0260 INTL Capital Limited N/A 24.09.06 Active 0261 JPMorgan Chase Bank, National Association N/A 25.09.06 Active 0262 Gulf Merchant Group Limited Gulf Merchant Group 25.09.06 Active 0263 Unicorn Capital Limited N/A 26.09.06 Active 0264 Akin, Gump, Strauss, Hauer, & Feld LLP N/A 26.09.06 Active 0265 Edward W Kelley & Partners Limited N/A 27.09.06 Active 0266 MSCI Limited MSCI Limited, DIFC Branch 28.09.06 Active 0267 Millennium Capital Ltd. N/A 28.09.06 Active 0268 Libertas Capital (Dubai) Limited N/A 28.09.06 Active 0269 FFA (Dubai) Limited N/A 04.10.06 Active 0270 Secure Parking Corporation SAL N/A 04.10.06 Active 0271 Global Strategic Equities Fund L. P. N/A 04.10.06 Active 0272 AccessConsulting Limited N/A 05.10.06 Active 0273 FIMBank p.l.c. FIMBank plc - (DIFC) Branch 18.10.06 Active 0274 SAAD Financial Advisory Services Limited N/A 18.10.06 Active 0275 MENA Infrastructure Fund (GP) Limited N/A 19.10.06 Active 0276 GMT AML Advisors Ltd N/A 29.10.06 Active 0277 Victory Investments Ltd N/A 29.10.06 Active 0278 MCF Series 1 (OEIC) Limited N/A 29.10.06 Active 0279 THE CAPITAL PARTNERSHIP GROUP LIMITED N/A 01.11.06 Active 0280 Gate-Media Communications LLC N/A 01.11.06 Active 0281 Algebra Capital Limited N/A 02.11.06 Active 0282 ATA Invest (Dubai) Limited N/A 02.11.06 Active 0283 G HOSPITALITY LIMITED AL MANDALOUN RESTAURANT, ENTRECOTE CAFÉ DE PARIS 05.11.06 Active 0284 Duke Equity Limited N/A 06.11.06 Active 0285 Keross LLC Keross 07.11.06 Active 0286 CELF Investment Advisors Limited The Carlyle Group 12.11.06 Active 0287 Hawkamah - The Institute For Corporate Governance LLC Hawkamah 15.11.06 Active 0288 The Edge Management Limited N/A 16.11.06 Active 0289 ABQ ZAWYA LTD. ZAWYA 16.11.06 Active 0290 CB RICHARD ELLIS (MIDDLE EAST) LIMITED N/A 16.11.06 Active 0291 Deloitte Limited Liability Partnership Deloitte 19.11.06 Active 0292 Oasis Crescent Capital (DIFC) Limited N/A 19.11.06 Active 0293 Allen & Overy LLP N/A 20.11.06 Active 0294 Liberty Mutual Insurance Europe Limited Liberty International Underwriters 22.11.06 Active 0295 NATIXIS N/A 27.11.06 Active 0296 Rothschild (Middle East) Limited N/A 29.11.06 Active 0297 NEWS CENTRE LIMITED NEWS CENTRE 29.11.06 Active 0298 CHAMPION CLEANERS LIMITED CHAMPION CLEANERS 29.11.06 Active 0299 HÄAGEN-DAZS LTD HAAGEN-DAZS CAFÉ 29.11.06 Active 0300 SMOKERS' CENTRE LIMITED SMOKERS' CENTRE 29.11.06 Active 0301 ZODIAC CLOTHING COMPANY (U.A.E) (L.L.C) N/A 29.11.06 Active 0302 KING & SPALDING LLP N/A 29.11.06 Active 0303 The Finance Warehouse Limited N/A 29.11.06 Active 0304 HSBC Bank Middle East Ltd (ATM) N/A 29.11.06 Active 0305 Xstrata Capital (Dubai) Limited N/A 30.11.06 Active 0306 MALAYSIAN RE (DUBAI) LTD N/A 07.12.06 Active 0307 Tufton Oceanic (Middle East) Limited N/A 07.12.06 Active 0308 Al Futtaim Investment Management Limited N/A 11.12.06 Active 0309 Hewitt Associates (India) Pvt Ltd N/A 11.12.06 Active 0310 Nstyle International Limited Nstyle Nail Lounge, Male Urban Lounge, UML 12.12.06 Active 0311 Al Montalaq Limited Al Montalaq Partners 13.12.06 Active 0312 Tharawat Family Business Forum LLC Tharawat Family Busines Forum 17.12.06 Active 0313 ING Bank N. V. ING Bank N.V., Dubai Branch 18.12.06 Active 0314 Goodhealth Worldwide Limited N/A 20.12.06 Active 0315 Lucros Capital Advisors Limited N/A 24.12.06 Active 0316 MENA Infrastructure Fund LP N/A 24.12.06 Active 0317 Moody's Middle East Limited N/A 28.12.06 Active 0318 Allianz SE Allianz SE (Dubai Branch) 03.01.07 Active 0319 E*TRADE Securities Limited N/A 07.01.07 Active 0320 Brunswick Gulf Limited N/A 08.01.07 Active 0321 ATC (Dubai) Limited N/A 09.01.07 Active 0322 Merrill Lynch International N/A 11.01.07 Active 0323 Oasis Crescent Capital OEIC (DIFC) Limited N/A 25.01.07 Active 0324 CLIFFORD CHANCE LLP CLIFFORD CHANCE 25.01.07 Active 0325 Tamweel Properties (1) Limited N/A 25.01.07 Active 0326 Wenham Major Limited N/A 29.01.07 Active 0327 Convergence Capital Limited N/A 29.01.07 Active 0328 Atos Euronext Market Solutions SAS N/A 29.01.07 Active 0329 BAER CAPITAL PARTNERS INTERNATIONAL LIMITED N/A 30.01.07 Active 0330 HERBERT SMITH LLP N/A 30.01.07 Active 0331 Arthur D. Little (Middle East) Limited N/A 31.01.07 Active 0332 SOPHIS (MIDDLE EAST) LLC SOPHIS ME 31.01.07 Active 0333 GFS Investments (Middle East) Limited N/A 31.01.07 Active 0334 Global Commodity Finance Ltd N/A 01.02.07 Active 0335 Commander Asset Management Limited Commander Asset Management (Middle East) Ltd. 04.02.07 Active 0336 Emirates Financial Towers Limited N/A 06.02.07 Active 0337 FD Dubai Limited N/A 07.02.07 Active 0338 MIF (Middle East) Limited N/A 14.02.07 Active 0339 Arisaig Partners (Dubai) Limited N/A 14.02.07 Active 0340 National Petroleum Services (Private Company) Limited N/A 22.02.07 Active 0341 AVIS UAE RENT A CAR CO. (L.L.C) N/A 28.02.07 Active 0342 Cuadro fine art gallery N/A 28.02.07 Active 0343 International Chartered Valuation Services Limited Liability Partnership International Chartered Valuation Services LLP 28.02.07 Active 0344 Hour Choice (L.L.C) Rivoli Arcade 28.02.07 Active 0345 ZED COMMUNICATIONS LLC N/A 28.02.07 Active 0346 DCD Group Limited N/A 04.03.07 Active 0347 Axis Bank Limited N/A 06.03.07 Active 0348 Options Group (Middle East) Ltd. N/A 08.03.07 Active 0349 MERCER (SWITZERLAND) SA N/A 08.03.07 Active 0350 Lancashire Marketing Services (Middle East) Limited N/A 11.03.07 Active 0351 NETCETERA TUREVA LIMITED N/A 14.03.07 Active 0352 Daman Securities International Limited N/A 15.03.07 Active 0353 Swisslinx Middle East Ltd Swisslinx Ltd. 18.03.07 Active 0354 Shariah Capital Inc. N/A 18.03.07 Active 0355 ALPHA MANAGEMENT LIMITED N/A 19.03.07 Active 0356 Wallich & Matthes (Dubai) Limited N/A 25.03.07 Active 0357 AccessHR Limited N/A 27.03.07 Active 0358 AIG Global Investment Corp. (Middle East) Limited AIG Investments 27.03.07 Active 0359 Business Solutions LLC N/A 28.03.07 Active 0360 ARQAAM CAPITAL LIMITED N/A 29.03.07 Active 0361 Killik & Co LLP Killik & Co (Middle East & Asia) Limited Liability Partnership 29.03.07 Active 0362 BERESFORD BLAKE THOMAS LIMITED N/A 02.04.07 Active 0363 VP Wealth Management (Middle East) Limited N/A 04.04.07 Active 0364 LOVELLS (MIDDLE EAST) LLP LOVELLS 08.04.07 Active 0365 Kroll Emerging Markets LLC N/A 09.04.07 Active 0366 International Business Group L.L.C N/A 11.04.07 Active 0367 Daiwa Securities SMBC Europe Limited N/A 11.04.07 Active 0368 Total Solutions Middle East Limited N/A 15.04.07 Active 0369 Alternative Investment Strategies Management (Dubai) Limited AISM (Dubai) Limited 15.04.07 Active 0370 Wedge Alternatives Limited N/A 15.04.07 Active 0371 Mandviwalla & Zafar, Limited Liability Partnership Mandviwalla & Zafar, LLP 15.04.07 Active 0372 BARCLAYS BANK P.L.C. (ATM) N/A 19.04.07 Active 0373 Reed Smith Richards Butler LLP Reed Smith 23.04.07 Active 0374 VELCAN ENERGY HOLDINGS (DUBAI) LIMITED N/A 23.04.07 Active 0375 EMIRATES COMPUTERS LTD EMIRATES COMPUTERS 26.04.07 Active 0376 Simmons & Simmons N/A 01.05.07 Active 0377 Linklaters LLP N/A 01.05.07 Active 0378 GIC (Global Investment Capital) Holding Limited N/A 01.05.07 Active 0379 Makaseb Islamic Capital Limited N/A 01.05.07 Active 0380 Mizuho Corporate Bank, Ltd. N/A 01.05.07 Active 0381 elseco limited N/A 07.05.07 Active 0382 Halliburton Company N/A 07.05.07 Active 0383 GULFLINK INTERNATIONAL SECURITIES LIMITED N/A 08.05.07 Active 0384 Guggenheim Capital Markets, LLC N/A 08.05.07 Active 0385 GULF FUND MANAGEMENT LTD. N/A 08.05.07 Active 0386 AL MAYA GLOBAL (L.L.C.) Borders 08.05.07 Active 0387 The City University Cass Business School (Dubai) 09.05.07 Active 0388 Talent Partners (Dubai) LLC Talent Partners 10.05.07 Active 0389 MENAFACTORS Limited MENAFACTORS LTD 10.05.07 Active 0390 TOTAL E&P GOLFE LIMITED N/A 10.05.07 Active 0391 SOCIETE GENERALE BANK & TRUST Societe Generale 10.05.07 Active 0392 Stanton Technologies Limited N/A 14.05.07 Active 0393 Oxford Investment Managers Limited N/A 14.05.07 Inactive 0394 Capital Outsourcing Ltd N/A 14.05.07 Active 0395 Agilis Global Holdings (Dubai ) Limited(formerly known as Company 395 Limited) N/A 14.05.07 Active 0396 Schroder Investment Management Limited N/A 15.05.07 Active 0397 Lancelot Securities Limited N/A 16.05.07 Active 0398 Merlin Securities Limited N/A 16.05.07 Active 0399 Emirates Leisure Retail (L.L.C) Costa 17.05.07 Active 0400 CALYON CALYON Corporate and Investment Bank 20.05.07 Active 0401 ZUMA RESTAURANTS LLC N/A 20.05.07 Active 0402 STUDIO M L.L.C. N/A 21.05.07 Active 0403 Dubai Sukuk Centre Limited N/A 22.05.07 Active 0404 Dubai Energy Limited N/A 27.05.07 Active 0405 Pioneer Investcorp International Limited N/A 28.05.07 Active 0406 M1 Group Limited N/A 29.05.07 Active 0407 Mirabaud (Middle East) Limited Mirabaud 30.05.07 Active 0408 Norton Rose Service Company (Dubai) Limited N/A 31.05.07 Active 0409 PR NEWSWIRE MIDDLE EAST LIMITED N/A 31.05.07 Active 0410 NEU Venture Groups Ltd NEU Venture Groups 04.06.07 Active 0411 MENA FINANCIAL GROUP LIMITED N/A 05.06.07 Active 0412 Solidere International Limited Solidere International 07.06.07 Active 0413 Denton Wilde Sapte & Co. N/A 11.06.07 Active 0414 Alliance Specialty Underwriters Limited Alliance Specialty 11.06.07 Active 0415 Agilis Global Limited (formerly known as Company 415 Limited) N/A 12.06.07 Inactive 0416 Protiviti Member Firm (Middle East) Ltd Protiviti 17.06.07 Active 0417 Dareen International Co. LLC Starbucks 17.06.07 Active 0418 Allied Gulf Lawyers Limited Liability Partnership Allied Gulf Lawyers 19.06.07 Active 0419 Patton Boggs LLP N/A 19.06.07 Active 0420 Commerzbank Aktiengesellschaft Commerzbank AG Dubai Branch 19.06.07 Active 0421 Millennium Private Equity Ltd N/A 24.06.07 Active 0422 Societe Generale N/A 02.07.07 Active 0423 Global Economics Research Limited Liability Partnership Global Economics Research LLP 04.07.07 Active 0424 Louvre Fund Advisors (Middle East) Limited N/A 05.07.07 Active 0425 Al Rajhi Cement Holding Ltd N/A 08.07.07 Active 0426 QUEEN'S COLLEGE Queen's School of Business 11.07.07 Active 0427 Ernst & Young Corporate Finance Limited N/A 11.07.07 Active 0428 T&F TAX AND FINANCE (DIFC) LIMITED N/A 12.07.07 Active 0429 Tabarak Partners Limited Liability Partnership N/A 15.07.07 Active 0430 Alserkal Holding LLC N/A 17.07.07 Active 0431 Gilford Securities Incorporated N/A 17.07.07 Active 0432 DAMAS JEWELLERY (L.L.C.) Damas Jewellery, Links of London 22.07.07 Active 0433 PARIS GALLERY (L.L.C.) PARIS GALLERY 23.07.07 Active 0434 ES Bankers (Dubai) Limited N/A 24.07.07 Active 0435 Al Mal Capital (DIFC) Limited N/A 24.07.07 Active 0436 PRAESIDIUM LIMITED LIABILITY PARTNERSHIP N/A 24.07.07 Active 0437 GSA (Dubai) Limited N/A 25.07.07 Active 0438 The Bank of Tokyo-Mitsubishi UFJ, Ltd. N/A 29.07.07 Active 0439 Mondia Ltd. N/A 29.07.07 Active 0440 Rasmala CBD Asset Management Limited N/A 29.07.07 Active 0441 TOKIO MARINE MIDDLE EAST LIMITED N/A 30.07.07 Active 0442 SIRAJ CAPITAL (DUBAI) LIMITED N/A 30.07.07 Active 0443 LCAL Limited N/A 01.08.07 Active 0444 McLagan Partners, Inc. N/A 01.08.07 Active 0445 EIFFEL HOLDING LIMITED N/A 01.08.07 Active 0446 LEISURE UNLIMITED (L.L.C) FITNESS FIRST 07.08.07 Active 0447 Borse Dubai Limited N/A 07.08.07 Active 0448 PARIS GROUP INTERNATIONAL (L.L.C) MAN AND MODA 08.08.07 Active 0449 Concord Energy (Dubai) Limited N/A 08.08.07 Active 0450 Spencer Stuart (Middle East) Limited N/A 09.08.07 Active 0451 SINGER & HAMILTON LLC SINGER & HAMILTON 14.08.07 Active 0452 Terrapinn (Dubai) Limited Terrapinn 16.08.07 Active 0453 GAM (DUBAI) LIMITED N/A 23.08.07 Active 0454 Norton Rose (Middle East) LLP N/A 26.08.07 Active 0455 Islamic Advisory Group LLC N/A 26.08.07 Active 0456 United Arab Chemical Carriers Limited N/A 27.08.07 Active 0457 Lawrence Graham LLP N/A 02.09.07 Active 0458 Standard & Poor's International, LLC Standard & Poor's 03.09.07 Active 0459 Taylor Wessing (Middle East) Limited Liability Partnership Taylor Wessing 03.09.07 Active 0460 AL GHURAIR DONNELLEY (L.L.C) N/A 03.09.07 Active 0461 HDG Mansur (Dubai) Limited N/A 03.09.07 Active 0462 Akamai Financial Markets Executive Search (Dubai) Limited N/A 05.09.07 Active 0463 NBD "ALMAZ" ISLAMIC FUND OEIC LIMITED N/A 10.09.07 Active 0464 The S.R. Group Taylor Root 12.09.07 Active 0465 Kaupthing Bank hf Kaupthing Middle East 12.09.07 Active 0466 Coface Emirates Services Limited Coface Emirates Services 12.09.07 Active 0467 Lazard Middle East Limited N/A 13.09.07 Active 0468 London Business School N/A 18.09.07 Active 0469 Flagstone Underwriters Middle East LTD N/A 18.09.07 Active 0470 Newedge Group Newedge 20.09.07 Active 0471 Islamic Business School L.L.C. N/A 20.09.07 Active 0472 Sheffield Haworth (Middle East) Limited Sheffield Haworth Limited 23.09.07 Active 0473 DANTE LLC DANTE 24.09.07 Active 0474 Financial Express ( Holdings) Limited Financial Express 25.09.07 Active 0475 HEIDRICK & STRUGGLES (MIDDLE EAST) LLC N/A 26.09.07 Active 0476 DMZ LLC N/A 26.09.07 Active 0477 Hawkamah Institute of Directors LLC N/A 30.09.07 Active 0478 JDD Capital LLC N/A 30.09.07 Active 0479 Daman Quattro Limited N/A 30.09.07 Active 0480 Dubai Islamic Investment Group LLC N/A 30.09.07 Active 0481 HSBC Middle East Leasing Partnership N/A 30.09.07 Active 0482 Dubai Wing LLC N/A 16.10.07 Active 0483 Mawared International Development Ltd N/A 16.10.07 Active 0484 Brandford-Griffith & Associes N/A 16.10.07 Active 0485 CVRD Emirates Limited N/A 16.10.07 Active 0486 DENEX Energy Trading Limited N/A 23.10.07 Active 0487 Ashurst LLP Ashurst 28.10.07 Active 0488 Alcazar Capital Limited Alcazar Capital 29.10.07 Active 0489 Gulf National Securities Centre International Limited GNSC INT 29.10.07 Active 0490 Investment Corporation of Dubai nvestment Corporation of Dubai (ICD) 29.10.07 Active 0491 GIBSON, DUNN & CRUTCHER LLP N/A 30.10.07 Active 0492 AJM International LTD N/A 01.11.07 Active 0493 Antarctica Asset Management (Middle East) Limited N/A 05.11.07 Active 0494 Expresso Telecom Group Ltd. N/A 05.11.07 Active 0495 Vontobel Financial Products Ltd. N/A 06.11.07 Active 0496 MAC Capital Limited N/A 07.11.07 Active 0497 Amanah xData LLC N/A 12.11.07 Active 0498 WAQF Trust Services Limited WAQF 18.11.07 Active 0499 Loyens & Loeff Emirates B.V. Loyens & Loeff 20.11.07 Active 0500 Global Leaders Limited Global Leaders 22.11.07 Active 0501 Hyatt International - South West Asia, Limited N/A 27.11.07 Active 0502 Young Arab Leaders Limited Young Arab Leaders 27.11.07 Active 0503 Salam International Investment Limited De Beers 04.12.07 Active 0504 Al Tamimi & Company International ltd N/A 04.12.07 Active 0505 ValuStrat Consulting LLC N/A 04.12.07 Active 0506 Toscafund Global Limited N/A 06.12.07 Active 0507 ING Investment Management (Dubai) Limited N/A 06.12.07 Active 0508 Landesbank Baden-Wurttemberg LBBW Dubai Office 10.12.07 Active 0509 Fairfax Middle East Limited N/A 10.12.07 Active 0510 Good Food Company Au Bon Pain 10.12.07 Active 0511 The Islamic Corporation for the Insurance of Investment and Export Credit ICIEC 12.12.07 Active 0512 International Bar Association IBA 12.12.07 Active 0513 SinoGulf (DIFC) Limited SinoGulf and SinoGulf Investments 12.12.07 Active 0514 Assicurazioni Generali - Societa' per Azioni Assicurazioni Generali SpA Middle East Regional Office 16.12.07 Active 0515 Dubai International Ship Registry Ltd Dubai International Ship Registry 23.12.07 Active 0516 Spectrum UAE Ltd Spectrum Digital Print Solutions 24.12.07 Active 0517 Burj Holding Limited N/A 16.09.07 Inactive 0518 ACM Institutional Markets, Ltd. ACM 26.12.07 Active 0519 APCO Worldwide Ltd N/A 26.12.07 Active 0520 GIT Holdings Limited N/A 26.12.07 Active 0521 Istithmar World (P J S C) N/A 30.12.07 Active 0522 City of London Investment Management Company Limited N/A 30.12.07 Active 0523 DRAYTON FINCH INTERNATIONAL LIMITED N/A 31.12.07 Active 0524 TRIAGO MEA LTD N/A 31.12.07 Active 0525 Pure Investments Holding Limited N/A 08.01.08 Active 0526 RP International Resources LLC RP International 08.01.08 Active 0527 WHITEHEAD MANN LIMITED WHITEHEAD MANN LTD 08.01.08 Active 0528 Dewey & LeBoeuf LLP N/A 13.01.08 Active 0529 Morgan Hunt (Dubai) Limited N/A 13.01.08 Active 0530 Eagle Proprietary Investments Limited N/A 13.01.08 Active 0531 AMO Group Finance (Dubai) Limited N/A 13.01.08 Active 0532 Thames River Capital LLP N/A 15.01.08 Active 0533 THE EMIRATES CAPITAL LIMITED EMIRATES CAPITAL 16.01.08 Active 0534 A/T Capital Management Limited N/A 16.01.08 Active 0535 Transperfect Translations International, Inc. N/A 22.01.08 Active 0536 Silverdale Services (Dubai) Limited N/A 22.01.08 Active 0537 Renaissance Group (Dubai) Limited Renaissance Group Limited 22.01.08 Active 0538 NBD Sana Capital Limited NBD Sana Capital 22.01.08 Active 0539 HC Investment Banking (DIFC) Limited HCIBD 23.01.08 Active 0540 SHOORA - Family Business Advisors LLC N/A 24.01.08 Active 0541 Villa Moda International LLC Villa Moda 27.01.08 Active 0542 Diwan Capital Limited D1 27.01.08 Active 0543 ABU DHABI COMMERCIAL BANK (ATM) N/A 28.01.08 Active 0544 Kuwait Retail International LLC Laduree 30.01.08 Active 0545 Kuwait Art Foundation LLC Al-Sabah Art and Design Collection 30.01.08 Active 0546 Barclays Global Investors Limited Barclays Global Investors Limited, DIFC Branch 30.01.08 Active 0547 Emirates Bank International PJSC N/A 03.02.08 Active 0548 ILS Daman Limited N/A 05.02.08 Active 0549 Hudson Global Resources (Dubai) Limited N/A 06.02.08 Active 0550 DIFC Arbitration Centre LLC DAC 10.02.08 Active 0551 Mazars Middle East Limited Liability Parnership Mazars Middle East LLP 11.02.08 Active 0552 Mining Finance International Limited N/A 11.02.08 Active 0553 6σ 6 Sigma Training and Development Co. LLC N/A 11.02.08 Active 0554 Alvarez & Marsal Middle East Limited N/A 11.02.08 Active 0555 The Empty Quarter LLC N/A 13.02.08 Active 0556 Aqualyng Capital Management Limited N/A 13.02.08 Active 0557 Sajjad Haider Chartered Accountants Limited Liability Partnership Sajjad Haider Chartered Accountants LLP 17.02.08 Active 0558 DLA PIPER MIDDLE EAST LLP N/A 17.02.08 Active 0559 Farahat & Co Limited Liabilty Parnership Farahat & Co LLP 17.02.08 Active 0560 Christie Manson & Woods Limited Christie's 18.02.08 Active 0561 SmartStream Technologies (Dubai) LLC N/A 18.02.08 Active 0562 Omniyat Investment Management Limited N/A 20.02.08 Active 0563 SEI Investments (Europe) Ltd SEI Investments (Middle East) 21.02.08 Active 0564 Lion Global Investors Limited (formerly known as Lion Capital Management Limited) N/A 21.02.08 Active 0565 Future Pipe Industries Group Limited N/A 21.02.08 Active 0566 Al Tamimi Investments Limited Hummingbird Early Learning Centre 24.02.08 Active 0567 DEPA Limited N/A 25.02.08 Active 0568 GFI Securities Limited N/A 28.02.08 Active 0569 Robert Half International (Dubai) Ltd N/A 28.02.08 Active 0570 Villa Moda Management & Marketing LLC N/A 28.02.08 Active 0571 SEDCO International Holdings Limited N/A 02.03.08 Active 0572 Credit Agricole Cheuvreux CA Cheuvreux Middle East 03.03.08 Active 0573 Emirates Consulting Group LLC ECGL 04.03.08 Active 0574 Gate Media LLC Gate Media 04.03.08 Active 0575 Art Dubai LLC Art Dubai 04.03.08 Active 0576 DIFC Art N/A 04.03.08 Active 0577 DIFC Media LLC DIFC Media 04.03.08 Active 0578 Bemo Oddo Investment Firm Ltd N/A 04.03.08 Active 0579 Al Habib Financial Services Limited N/A 05.03.08 Active 0580 OIL Company Formations and Services LLC N/A 06.03.08 Active 0581 Dubai Capital Group (DIFC) Limited N/A 09.03.08 Active 0582 Roedl, Meyer - Reumann Middle East Ltd N/A 09.03.08 Active 0583 Amas Bank (Middle East) Limited Amas Bank 09.03.08 Active 0584 Manpower, Middle East LLC N/A 09.03.08 Active 0585 Latham & Watkins LLP N/A 10.03.08 Active 0586 Binghatti Holding Limited Binghatti Holding 11.03.08 Active 0587 Future Pipe Industries Limited N/A 11.03.08 Active 0588 Maples Finance (Dubai) Limited N/A 12.03.08 Active 0589 Silver Rock Holdings LLC N/A 16.03.08 Active 0590 Abu Al Haj Holding Limited N/A 17.03.08 Active 0591 Gulf Investments Limited Gulf Investments 17.03.08 Active 0592 Essdar Capital Limited Essdar Capital 18.03.08 Active 0593 Essdar Capital Managers Limited Essdar Capital 18.03.08 Active 0594 Faconnable Group Limited N/A 19.03.08 Active 0595 Thani Holdings Ltd N/A 24.03.08 Active 0596 Paradigm Investment Banking Company Limited N/A 25.03.08 Active 0597 ILIA Restaurant LLC N/A 25.03.08 Active 0598 ACR ReTakaful Holdings Limited N/A 26.03.08 Active 0599 Synergy Investments Limited N/A 27.03.08 Active 0600 Gide Loyrette Nouel N/A 31.03.08 Active 0601 Algorithimcs (UK) Limited N/A 01.04.08 Active 0602 Orion Holdings Overseas Limited N/A 01.04.08 Active 0603 Future Pipe Services Limited N/A 02.04.08 Active 0604 The Bank of New York The Bank of New York Mellon 02.04.08 Active 0605 Future Pipe Industries UAE Limited N/A 10.04.08 Active 0606 Heritage Insurance Management(Dubai) Limited N/A 13.04.08 Active 0607 Orion Capital Limited N/A 13.04.08 Active 0608 Hospitality Consulting Services (Dubai) Ltd. HVS - Dubai 14.04.08 Active 0609 Carrington Fox Consulting Ltd. N/A 15.04.08 Active 0610 VR Advisory Services (Dubai) Ltd. N/A 16.04.08 Active 0611 Industrial and Commercial Bank of China (Middle East) Limited ICBC (ME) 16.04.08 Active 0612 BATEEL INTERNATIONAL (L.LC.) Café Bateel 23.04.08 Active 0613 Neerav Investment Advisory Services (Dubai) Limited N/A 24.04.08 Active 0614 Innovest Securities Company Limited N/A 24.04.08 Active 0615 Stephens Investments Holdings LLC Stephens Capital Partners LLC 24.04.08 Active 0616 Saffar Capital Limited Saffar Capital 29.04.08 Active 0617 Fajr Capital Limited N/A 30.04.08 Active 0618 Iris Integrated Risk Management AG Iris Integrated Risk Management Middle East 01.05.08 Active 0619 Morgan Stanley Equity Finance (DIFC) Limited N/A 04.05.08 Active 0620 BMB Islamic Advisory (Dubai) Ltd. N/A 06.05.08 Active 0621 Eastgate Capital Group Limited N/A 07.05.08 Active 0622 Kuwait Investments LLC N/A 07.05.08 Active 0623 THE DI FRANCIA FIRM (DUBAI) LTD. N/A 08.05.08 Active 0624 Quilvest (Dubai) Limited N/A 08.05.08 Active 0625 Furqan Islamic Financial Research LLC Furqan Islamic Financial Research LLC 13.05.08 Active 0626 Wadhawan International Investments Limited Wadhawan International Investments Limited 14.05.08 Active 0627 KBC Financial Products UK Limited KBC Financial Products MENA, KBC Financial Products 14.05.08 Active 0628 SHUAA Securities Holding Ltd N/A 14.05.08 Active 0629 Khalil Al Sayegh Jewellers (L.L.C.) Aliel 15.05.08 Active 0630 Opera Gallery (Dubai) Limited N/A 18.05.08 Active 0631 Gulf Reinsurance Limited Gulf Re 19.05.08 Active 0632 GroupMed International Holding LTD N/A 21.05.08 Active 0633 Sovereign Risk Insurance (Dubai) Ltd. N/A 21.05.08 Active 0634 Meraas International Capital Limited N/A 21.05.08 Active 0635 Al Khaliji Services LTD N/A 25.05.08 Active 0636 Dresdner Bank (DIFC) Limited N/A 25.05.08 Active 0637 Swicorp (UAE) Limited N/A 26.05.08 Active 0638 Lionhart (Middle East) Limited N/A 27.05.08 Active 0639 DIFC Lifestyle LLC DIFC Lifestyle 28.05.08 Active 0640 Evolvence Capital International Limited Evolvence Capital 29.05.08 Active 0641 DIFC Global LLC DIFC Global 01.06.08 Active 0642 Emirates Integrated Telecommunications Company PJSC du 02.06.08 Active 0643 European Investments LLC European Investments 03.06.08 Active 0644 Nexen Energy Marketing Middle East Limited N/A 03.06.08 Active 0645 Farabi International Holding Group Ltd F.I.H.G. 03.06.08 Active 0646 AON (DIFC) GULF Ltd N/A 04.06.08 Active 0647 BAB AL NOOR LLC BAB AL NOOR 05.06.08 Active 0648 Emirates Telecommunications Corporation (Etisalat) Etisalat 09.06.08 Active 0649 CITI BANK N A (ATM) N/A 09.06.08 Active 0650 Marsh Management Services (Dubai) Ltd. N/A 10.06.08 Active 0651 M COMMUNICATIONS (LONDON) LIMITED M: Communications 10.06.08 Active 0652 AL-PER Solutions Limited N/A 10.06.08 Active 0653 Active Services (Dubai) LLC N/A 15.06.08 Active 0654 FirstRand Private Wealth Management (Middle East) Limited N/A 15.06.08 Active 0655 Primatics Financial Middle East LLC N/A 15.06.08 Active 0656 Makaseb Islamic Financial Group Limited Makaseb IFG 17.06.08 Active 0657 Zaid Ibrahim & Co. Limited Partnership Zaid Ibrahim & Co. Limited Partnership 17.06.08 Active 0658 Beltone Partners Holding Limited N/A 22.06.08 Active 0659 Corral Finance Limited N/A 22.06.08 Active 0660 International Compliance Training (Middle East) LLC N/A 24.06.08 Active 0661 Quest Ltd. N/A 24.06.08 Active 0662 RISC MENA LLC N/A 26.06.08 Active 0663 D- Clear LLC D- Clear 26.06.08 Active 0664 WAQF Secretarial Limited N/A 26.06.08 Active 0665 Al Mojil Holdings International Limited N/A 29.06.08 Active 0666 WAQF NomineesLimited N/A 01.07.08 Active 0667 INTESA SANPAOLO S.p.A INTESA SANPAOLO - Dubai Branch 01.07.08 Active 0668 WAQF Directors Limited N/A 01.07.08 Active 0669 Architecture and Urban Design Studio LLC AUDS 01.07.08 Active 0670 Energya Holding LLC N/A 02.07.08 Active 0671 Energya Industries Limited N/A 02.07.08 Active 0672 Mohammed the Messenger Museum Limited N/A 03.07.08 Active