The Sovereign Group has announced the acquisition of PRO Partner Group (PPG), one of the foremost company formation and corporate services providers in the Middle East.  

A statement from the Sovereign Group follows below:

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 and corporate 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.