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Sovereign Group Acquires PRO Partner Group to Further Expand its GCC footprint
The new partnership brings wider global market access to the Middle East
18 May 2022, Dubai, UAE - Sovereign Group, the leading independent global provider of corporate, private client and retirement planning services, is delighted to announce the acquisition of PRO Partner Group (PPG), one of the foremost company formation andcorporate services providers in the Middle East.
This strategic acquisition combines the regional strength of PPG in the UAE, Qatar, Oman and Saudi Arabia with the global reach of Sovereign Group to deliver tangible benefits and opportunities to clients and staff of both parties.
PPG provides security, efficiency and local knowledge to international corporations and investors looking to set up within the GCC, while Sovereign offers integrated advice, products and services to internationally mobile businesses and people that have complex needs.
Following the acquisition, PPG’s staff will remain in their existing offices and will continue to operate under the PPG brand, except in Saudi Arabia where PPG and Sovereign will partner together and co-brand.
Commenting on the deal, Sovereign Group CEO, Gerry Kelly said: “We have been looking to expand our presence in the Middle East and Africa region and to increase our capacity in the corporate client market and I believe we have found a great fit in PPG. As we explored this deal and got to know Jane and the PPG team, it soon became apparent that we were very aligned in our outlooks.”
“In staffing terms, this partnership brings our headcount in the Middle East and Africa to almost 200, making us one of the best-resourced corporate service providers in the region. It also gives our client base a platform in Oman and Qatar for the first time. We are very excited by this acquisition and are delighted to welcome PPG staff and clients to the Sovereign Group.”
“For nearly eight years, the dedicated team at PPG has focused on growing the company in the region and serving clients from around the world. When I initiated discussion with Gerry and his team, it became clear that they value our work and share our fundamental ethics and company culture,” said Jane Ashford, Founder and Chair of PRO Partner Group.
“I look forward to remaining on the board of PPG, supporting the company to achieve its goals. This new chapter will further help us protect our clients and provide opportunities for the team to flourish within a global operation.”
Foreign direct investment (FDI) inflows in the GCC increased by 12.4% to US$27.7 billion in 2020, led by strong increases in inflows into Saudi Arabia, Oman and the UAE, according to the UN’s annual World Investment Report (WIR), released in June 2021.
The upward regional trend is expected to continue as new laws bed in – notably, the UAE’s FDI Decree, permitting 100% foreign ownership of onshore companies, and Saudi Arabia’s Private Sector Participation Law, setting out a clear framework for privatisation as Public-Private Partnerships (PPPs) – and as global investment picks up.