Looking to take advantage of business-friendly environment in the UAE, another listed Pakistani corporation announced that it will establish its subsidiary in the Gulf country.
Symmetry Group, a digital technology company based in Pakistan, in its notice to the Pakistan Stock Exchange (PSX) shared the company’s plans to set up a subsidiary in UAE.
“Symmetry Group Limited’s Board of Directors has approved formation of the wholly owned subsidiary in UAE,” read the notice on Friday.
“This subsidiary will pave the way for global launch and scaling of the intellectual properties (products), developed in-house,” it added.
The company was of the view that this new entity will enhance Symmetry Group’s “credibility and provide greater access to business opportunities across the GCC and international markets”.
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“It will also offer increased flexibility in forming partnerships, joint ventures, and securing international contracts.
“Moreover, this strategic move will enable more efficient financial structuring and operational optimization, while exploring innovative business opportunities and global strategic investments,” it added.
At the time of filing, the share price of Symmetry Group stood at Rs10.84, an increase of Re0.53 or 5.14%.
Back in June, Ismail Industries Limited, a manufacturer of confectionary items, announced it plans to set up a subsidiary in Abu Dhabi, UAE.
Similarly, Treet Corporation Limited announced that it has successfully incorporated a wholly-owned subsidiary, Treet Trading LLC, in Dubai, UAE.
UAE’s appeal as the preferred destination for Pakistan’s companies has a lot to do with the streamlined payment process, favourable business environment, and better enforcement of contracts among a number of other reasons.
The UAE is ranked a highly ninth – out of 190 – on enforcing contracts. It is also ranked the first on the metric of ‘getting electricity’.
Experts believe incorporating an office in UAE offers Pakistani companies a strategic advantage, enabling them to leverage a global hub with required infrastructure and a proper legal framework.
Source: Brecorder
