ITL has expanded its global footprint with the establishment of a new office last year in Dubai, complementing its existing presence across key jurisdictions including Mauritius, South Africa, Seychelles, and Singapore.
As ITL celebrates its 25th anniversary, such international forays signal a continued commitment to growth and excellence by a leader in the financial and fiduciary services industry.
Ideally situated in Downtown Dubai, the heart of the city, the ITL UAE office is led by a resource as international as the city itself. Meet Anne Ferreira, previously Vice President of ITL’s office in South Africa, who is now General Manager of the ITL office in Dubai.
Speaking to us from her office overlooking the stunning Burj Khalifa, Anne explains how she is working to deliver extraordinary solutions and services by leveraging ITL’s talented staff across jurisdictions and collaborations with partners who share a common vision.
Edited excerpts from an exclusive interview:
- How does it feel to be spearheading operations at ITL’s recently established office in Dubai?
It’s a great opportunity to expand ITL’s business in one of the pre-eminent global financial and business centres. ITL is new in Dubai, but Dubai is not new to ITL. ITL directors and staff often travel to Dubai and the region, attending to clients, networking at conferences and building relationships with professional service providers.
Looking around me from our offices overlooking the Burj Khalifa, I see a thriving city with a flurry of constant activity – a beehive of construction cranes, the most engaging malls and the tallest skyscrapers in the world. Dubai’s population stands at 4.81 million, and the city is growing at an incredible rate. For ITL, this growth presents a tremendous opportunity to expand our services and continue offering clients the tailored, holistic solutions they need to thrive in today’s complex global market.
The key question for any business in Dubai is: How can you maintain continuity whilst planning for the future? We believe in creating sustainable, long-term structures for individuals and businesses alike. Our focus is always on long-term and sustainable wealth management, giving our clients the financial confidence to look towards the future with clarity.
- What are some key differences between financial centres such as Mauritius and South Africa that you would like to point out, based on your experience?
The gender diversity in Dubai holds wide appeal for me, as a senior female leadership resource. This signals Dubai as being closer to Mauritius, where again gender diversity is quite marked, and a few steps ahead of South Africa, which is still striving to get there. We’ve strategically evolved ITL’s operations to align with and capitalise on this exciting market’s unique opportunities. As part of this, we’ve also focused on fostering female entrepreneurship.
Then, the pace of growth in Dubai has to be experienced to be believed! The aim for Dubai is to double its growth by 2030. Dubai started out on the same footing as Mauritius – growth was predicated on a single industry – and, like Mauritius, it became a financial centre. The difference between these two jurisdictions lies in the timelines – here, Dubai took a lead and started building itself out in 1985, whilst the financial centre in Mauritius was conceived in 1992.
For its part, South Africa has always been known as the gateway to Africa. It tends to be domestically and Africa (particularly sub-Saharan) focused, whereas Dubai is a truly international financial centre with world-class infrastructure. Indeed, there aren’t too many other places in the world where you can be out of the airport in 30 minutes! In Dubai, the economy is not only built around the services of a Financial Centre, but it also offers business people a safe hub to create a home to domicile their family, educate them and grow their business, whilst travelling through Dubai as an international gateway.
In the financial services sector, Mauritius offers wealth management structures such as Authorised Companies, Global Business Companies, Trusts and Foundations, and funds. In South Africa, private companies and public companies are the main company structures. Dubai’s business landscape is extraordinarily competitive, with 46 Free Zones, each presenting unique challenges. There are many local service providers who understand the market and sell UAE-specific solutions. Indeed, in Dubai, businesses are price-sensitive and quick to innovate. Responding to their needs means that service providers must craft extraordinary solutions.
However, this also provides ITL with a distinct advantage. We don’t just try to sell a service; we offer integrated, cross-functional solutions that cater to the diverse needs of businesses. Our focus is on long-term relationships, not just short-term wins. Hence, I have done a lot of re-advisory work and corrected structures for clients by leveraging ITL’s international approach.
- How have your first few months on the job been, and how do you intend to leverage your extensive financial sector experience and strategic vision to develop new business opportunities in this exciting region?
My first few weeks were about taking care of administrative aspects. It was also about learning as much as I could about Dubai and the UAE more generally. Dubai maintains clear regulatory standards regarding employment: all residents must have valid work permits. The pace of change in Dubai is dizzying and Dubai is experiencing an accelerated changing environment, considering the new corporate tax legislation brought in and the competitiveness of the 46 Free Zones. To elaborate, a new corporate tax legislation has recently been ushered in, and the transfer pricing – arm’s length principle – has not been defined yet. Whilst I’m still learning, I have been able to leverage ITL’s diverse skill set and global and multi-disciplinary approach to serve clients across a spectrum of needs. I’m building on our network and I see it expanding as we establish ourselves in this part of the world.
Overall, we are well-positioned to serve the growing client base in Dubai as our services extend far beyond the UAE to jurisdictions like Seychelles, Mauritius, South Africa, and Singapore. Dubai marks the latest chapter in ITL’s ongoing global expansion. Our sister companies across various regions, including Africa, benefit from the diverse expertise we bring. We have a deep understanding of African markets, and that knowledge is incredibly valuable in Dubai, as it helps us speak directly to the needs of clients coming here from various African countries.
- How has your tenure in South Africa equipped you to take on the role of establishing ITL’s presence in the dynamic UAE market? What role do you see collaborations and partnerships playing in this endeavour?
South Africa is multicultural, with 12 official languages, which on a personal level has made adapting to a cosmopolitan city such as Dubai easier. From a professional perspective, my time in South Africa has helped me to provide holistic, integrated solutions to meet our clients’ different needs, as cross-border trading and consideration of legislation, compliance and tax on company structures was the norm in South Africa. My experience handling complex situations in South Africa has taught me to take a comprehensive approach to market entry, considering all aspects from regulatory compliance to strategic partnerships. This integrated perspective will be crucial for establishing and growing ITL’s presence in the UAE’s dynamic market.
Moreover, 89 per cent of the population in Dubai consists of expatriates, which presents a unique opportunity to partner with professionals who understand the diverse needs of this international community. In my experience, this selective partnering approach benefits our clients and expands our reach and impact as ITL. The UAE does not work in the traditional networking of an old boys’ club; it is about delivering extraordinary solutions and services with partners who share a common vision.
ITL’s established global infrastructure serves as a great foundation for our expansion into Dubai. We’re focused on offering the right kind of structural advice to our clients, helping them make informed decisions about the best course of action for their businesses.
Consequently, the volume of referral work that is coming in is tremendous! Our approach isn’t about selling – instead, we focus on listening and advising clients on the optimum structures for their endeavours. Crucially, we are able to move a client across jurisdictions as the legislation and political environment change. Furthermore, we are able to support them in implementing suitable structures across locations.
- What kind of team structure do you have in place for ensuring the delivery of ITL’s offerings to clients in the region?
Our team at ITL is key to ensuring that our expansion is seamless. Our Dubai operations benefit from the high standards of expertise and professionalism that define ITL globally. Our closely coordinated teams in Mauritius, Seychelles, and South Africa help us offer services across multiple time zones.
Ultimately, ITL is a group of support services across regions. People skills are transferable. For instance, what is relevant in Mauritius is relevant in the UAE. Our sophisticated back offices of Mauritius, Seychelles and South Africa are at the disposal of our clients here in Dubai. In addition, ITL has established strategic partnerships with law and accounting firms in Dubai.
Mauritius, in particular, is an important part of ITL’s global footprint. The talent pool there is remarkable: many of our staff hold honours degrees or master’s degrees and are highly skilled, with a strong reputation internationally. Mauritius-based employees are often poached for international roles, and we’re proud to see them working remotely with clients all over the world.
- Finally, as ITL celebrates its 25th anniversary, what role do international forays like Dubai play in it, and how do you see this expansion shaping up in the next 3-5 years?
If you have been in business for 25 years, you have been able to be resilient, build on the future and learn from the past. It’s really about judiciously applying lessons learnt in Mauritius, South Africa, Seychelles, and Singapore towards expanding our global reach. Dubai was an obvious choice given its increasing importance as an established and growing financial centre over the past 40 years. I expect to see significant growth for ITL over the coming years because of our presence in Dubai, incorporating UAE to our client solutions, and introducing Mauritius and Seychelles to the UAE professional network. I’m looking to establish a solid foundation off which to grow our global business.
Looking ahead to ITL’s 25th anniversary, we’ve remained resilient and focused on expanding our global reach. At the same time, as ITL expands into new jurisdictions like Dubai and Singapore, our approach is slow and steady. We believe in making strategic decisions that ensure sustainable development in each market. By making clear, business-minded decisions, we’ve been able to position ourselves for long-term growth.
In our first year in Dubai, we’ve seen significant progress, and we’re aligned with the UAE’s vision for doubling growth between 2024 and 2030. We aim to establish a solid foundation for future growth, not only in Dubai but also in neighbouring regions like Saudi Arabia and Oman, where we see potential for expansion. We’re using Dubai as a launchpad to foray into the wider region, and there are clear synergies with our sister companies that we are raring to leverage to benefit our clients and position them for sustainable success.
