GLAS launches operations in the United Arab Emirates

GLAS is excited to add the United Arab Emirates to its global award-winning independent debt administration platform, following the company’s first hire in the region.

Pankaj Kaul has been hired as the Head of MENA, and joins GLAS to build out the team in Dubai and across the region.

Pankaj joins GLAS from Abu Dhabi Commercial Bank where he was the Head of its Agency business within the Corporate & Investment Banking Group. Prior to this, Pankaj spent over 15 years at HSBC in both London and Dubai and was responsible for setting up the Issuer Services business for HSBC in the MENAT region.

With the appointment of our first hire in the UAE, the organisation will establish roots in the emirate of Dubai, with the aim of becoming a fully regulated entity before branching out to other Gulf states.

The organisation’s ambitions to extend its independent agency services throughout the region as it transitions away from oil revenues into other services, which will be underpinned by the strong relationships with established law firms, corporates and sovereign funds in the UAE and beyond.

The UAE is the eighth country that GLAS is now operating in following a two-year period of significant growth internally, and through the acquisition of Pristine and proposed acquisition of Watiga.

Pankaj Kaul said:

“I’m excited to join GLAS and make a significant contribution to the Firm’s strategic global growth plan by laying the foundation for the business in the MENA region here in Dubai.”

GLAS Co-Founder and Group President, Mia Drennan, said:

“We have been providing services to our MENA clients through our global network for some time.  Given the changes happening in the region and investments being made, we feel the timing is right to take this next step. GLAS will be the first independent in the region!”

GLAS Experience in the MENA Region

Over the years, GLAS have been involved in several transactions in the region covering the full suite of agency services and Islamic finance transactions on convertible Sukuk instruments.

This expertise has led to us working on transactions of all shapes and sizes. From supporting restructuring transactions like Drake & Scull and NMC Healthcare, providing bespoke escrow services on the USD 45 million transaction for RSS Sukuk LTD and everything in between, GLAS’ presence in the region is one which has become more prevalent over time.

In addition to Pankaj, GLAS also has a network of colleagues within the Firm that have experience and expertise in the region.

About GLAS

GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.

GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of $400bn of assets under administration on a daily basis.

For more information on GLAS in the MENA region, contact media@glas.agency.