Global private wealth and corporate services provider Praxis is broadening the range of services offered by its UAE offices with the agreed acquisition of Dubai-based corporate services provider Sandshore Services Limited (Sandshore).
With a history in the Gulf region going back more than 10 years, Sandshore supports the set-up, management, oversight and optimisation of corporate structures and provides bespoke wealth structuring and estate planning services to businesses, high-net-worth individuals and entrepreneurs.
Dan Toft, Senior Executive Officer of Praxis UAE, said: ‘Since receiving the first ADGM Financial Services Regulatory Authority trustee licence in 2016, our portfolio of services has grown alongside the region’s own development as an international finance centre.
The acquisition of Sandshore builds our expertise further through the addition of five highly qualified and experienced professionals who take the same meticulous approach to client service as our existing team. It also enables Praxis to become a licenced business able to provide corporate services in mainland UAE, in addition to the ADGM and DMCC free zones we already operate in. We are delighted to welcome Sandshore and its clients to the Praxis Group.’
Nina Sidalova, Managing Partner at Sandshore, said: ‘Like Sandshore, Praxis has built a stellar reputation for delivering a first-class and personalised service and fostering a culture of integrity and excellence. Joining forces gives our clients access to an expanded range of services, expertise and support across multiple jurisdictions and time zones.’
The acquisition forms part of the Group’s strategic growth plans for the Middle East, where it has well-established offices in Dubai and Abu Dhabi. As well as having a trustee licence, Praxis is the longest-standing holder of a Fund Administrator License in the ADGM, having been licensed since June 2017. It expanded its services to include Company Service Provider activities under the new framework introduced in 2021.
Group CEO, Robert Fearis, said: “Our continued investment into the Middle East reflects the region’s impressive growth trajectory, and the increasing demand for first-rate, on the ground delivery of services across the full spectrum of corporate and fund administration, and private wealth.”
Dyer Baade & Company acted as lead adviser to Sandshore, with Al Tamimi & Company advising Praxis.
PraxisIFM Trust Limited is authorised and regulated by the FSRA.
