DUBAI : Kotak International, the global investment management arm of India’s Kotak Mahindra Bank, has received a licence from the UAE’s Securities and Commodities Authority (SCA), becoming the first Indian asset manager to achieve this milestone.
The licence will enable Kotak International to launch UAE-domiciled funds for retail investors, strengthening the Arab world’s second-largest economy’s investment fund industry. The firm, which managed over $6 billion in assets as of June, plans to roll out funds similar to its India- and Luxembourg-domiciled undertakings for collective investment in transferable securities (Ucits), with subscriptions expected to open in the UAE later this year.
“Tapping into the UAE’s growing investment scene aligns with India’s strong economic momentum,” said Shyam Kumar, President of Kotak International. “This licence will allow UAE investors to access India-focused strategies and participate in one of the world’s most dynamic markets.”
The development comes against the backdrop of deepening UAE–India economic ties, with Indians forming the country’s largest expatriate community at over 3.5 million residents. Analysts say the move positions Kotak International to tap into this sizeable client base while supporting global expansion.
“This step not only widens access to India-focused funds but also boosts revenue diversification for Kotak,” noted Faisal Hasan, Chief Investment Officer of Dubai-based Al Mal Capital.