WED, FEB 07 2024-theGBJournal| A year ago, when Iron Wealth, a subsidiary of Africa‑focused investment banking firm, Iron Capital, launched in Dubai to provide Multi Family Office Management services, sceptic could have reasonably dismissed the move as utopian.
Twelve months on, the idealistic vision has become a reality-one that continues to surpass expectations, growing, and at the same time evolving to meet the needs and challenges of it’s wide array of clients.
Iron Wealth became the first investment Advisory firm in sub-Saharan Africa to secure license from the United Arab Emirate (UAE) regulator, the Dubai World Trade Centre Authority (DWTCA), to do business in the wealthy, melting pot of the Middle East.
From the beginning, a focus on Africa market and investment potential has been at the core of the Iron Capital’s mission. But when asked about why Iron Wealth have come to Dubai, the answer is not in the beauty of the city, its skyscrapers nor the array of ports and beaches- Of course there is warm friendly and welcoming people-not to be underestimated!.
”The UAE Business environment enable you to be successful. That is the simple answer,” Jubril Enakele, Iron Capital Partners Limited Chief Executive Office told theG&BJournal.
”The strategic decision to operate out of Dubai was one that we considered deeply, Enakele added.
”With nearly $60 billion of investment flow from the UAE to Africa, and if you think of the overall relationship between Africa and the UAE, Dubai is a natural choice for any Africa-focused advisory firm.”
Obtaining the license in Dubai was, surprisingly, quite straight forward. There were set of guidelines that we had to follow, there were processes that we had to go through and the regulator was quite friendly and welcoming in their approach to on-boarding Iron Wealth.”
Not to forget, Dubai is one of the few places in the world were the most exciting innovations are happening, where you get the best opportunities, and where potentials boom.
It is estimated that over 4,500 millionaires relocates their business to Dubai annually. That in itself provides a strong eco-system for African business people, and family offices- the ecosystem- to cross pollinate ideas.”
Jubril Enakele says Dubai is very uniquely positioned. It is a gateway to Asia and it has all the infrastructure, all the amenities to lure investors in and to keep them there.
Enakele broke down their investment banking activities in Africa as well.
”We are on the continent and we do deals here in the continent. We’ve done transactions-corporate finance and financial advisory in Nigeria, Liberia, Cote de’ Ivoire and in Kenya.
We also have a subsidiary that is registered in Kenya called Iron Capital Partners Limited, East Africa, and we are doing transactions there with one of the largest logistics players in Kenya as well as working on an agriculture commodity transaction in the East African country.
We have a subsidiary in Nigeria licensed by the Securities and Exchange Commission (SEC) that operates in the capital market.
Our focused is to open up a gateway to Asia, and Dubai, which has very quickly become a strong international global financial hub with all the advantages that you will typically not get in other regions, provides us the opportunity to that.”
Iron Wealth, even though an Africa focused company, are allowed to provide multi-family office services to clients all over the world from Dubai, catering for the needs of the clients in the diverse regions.
For Iron Wealth, their presence in the UAE opens up the opportunities far wider even for their clients.
Enakele explained the relationship between Iron Capital and Iron Wealth.
He said, ”there is symbiotic relationship between both companies and they complement each other. Whilst Iron Capital work with corporates and sovereigns and sub-nationals in some cases, to raise debts, equity, mergers, acquisitions, Iron Wealth is uniquely positioned to provide family offices, family business, etc, in partnership with our professional partners in the UAE, to manage their wealth.
Moving forward, we will remain at the forefront of innovation, engaging with our client who hitherto have not had the exposure to the Asian market.
We are playing that crucial role already, as an indigenous, on the ground financial advisory firm and corporate finance boutique.”
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
