Cornerstone, the cloud-based provider of international payment, currency risk management and electronic account services to SMEs, has announced that it has expanded into the Middle East with the opening of an office in Dubai. The group has established the new office to market its foreign exchange and international payment management services to foreign investors in Dubai and particularly to Asian investors acquiring real estate in the Emirate. The board believes this represents a significant and expanding market opportunity owing to the increasing foreign investment in Dubai real estate, which has been accelerated by the Covid-19 pandemic and is supported by several government incentives. At present, the group will not be undertaking regulated financial activity in Dubai.
Dubai is a major destination for foreign investment in real estate, particularly with funds from Asia, and its appeal has been enhanced during the pandemic. Dubai also serves as a gateway to the Middle East, Africa and South Asia, making it an increasingly important center for global FX.