Dubai — Chicago-based Aon Risk Services is opening a new mergers and acquisitions service for private equity, sovereign funds, business-to-business, real estate and infrastructure funds based in the Middle East and North Africa (MENA) region.
The launch of the new service follows an announcement last week that Aon has opened a new regional headquarters in the Dubai International Financial Centre (DIFC). The unit will be part of Aon's Merger and Acquisitions Group (AMAG) and, due to the increasing appetite of Gulf-based sovereign funds and companies for expansion both domestically and internationally, be based out of the DIFC, the company says.
"There is an ever increasing need in the Middle East for sophisticated advice in areas beyond the traditional property and casualty issues,” says Latif AlRayes, chairman, Aon Middle East. “This new investment will add a designated risk and insurance due diligence service to the private equity and M&A sectors that complements the extensive and well-established services already offered by Aon throughout the MENA region."
Tim Davies, director, AMAG (MENA), will head up the new unit and has 20 years experience in global commercial insurance.
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