Mirae Asset Global Investments India Subsidiary Establishes Middle East Investment Hub

[Asia Economy Reporter Junho Hwang] Mirae Asset Global Investments announced on the 29th that its India subsidiary has established a branch in Dubai to expand its business and attract investors. The Dubai branch is the 22nd branch of the India subsidiary and its first overseas branch.

Mirae Asset Global Investments India subsidiary received approval from the Dubai Department of Economy and Tourism for branch establishment on the 2nd of this month and opened the Dubai branch to enter the Middle East market.

Dubai is geographically close to India, and Indians account for about 35% of the total population, resulting in high awareness and strong investment demand for local Indian funds. Even before the establishment of the Dubai branch, approximately 180 billion KRW of investment funds had already flowed from Dubai into funds managed by Mirae Asset Global Investments India subsidiary.

Swarup Mohanty, CEO of Mirae Asset Global Investments India subsidiary, said, "We are pleased to start our Middle East business through the Dubai branch. The opening of the Dubai branch is an important milestone in Mirae Asset's global expansion," adding, "We will offer our diverse Indian and global funds to investors in the Middle East region."

Kim Younghwan, Executive Vice President and Head of Global Management at Mirae Asset Global Investments, said, "The India subsidiary is expanding its investment assets beyond traditional assets such as stocks and bonds to include real estate and venture investments," and added, "We will actively target the Middle East and South Asia markets using the India subsidiary as a base."

Meanwhile, Mirae Asset Global Investments India subsidiary, established in 2008, is the 10th largest asset manager in India, managing a total of 37 funds and approximately 21 trillion KRW as of the end of August. It currently holds over 5.4 million investment accounts, and monthly inflows of about 160 billion KRW come from approximately 1.8 million Systematic Investment Plan (SIP) accounts.