Symmetry Group announces plan to set up subsidiary in UAE

KARACHI: A digital technology firm, Symmetry Group, has announced plans to set up its subsidiary in the UAE, according to a notice to the Pakistan Stock Exchange (PSX).

This move will allow the company to capitalize on the Gulf country’s business-friendly environment. In its notice issued on Friday, the company said, “Symmetry Group’s board of directors has approved the formation of a wholly owned subsidiary in the UAE.”

This subsidiary is expected to facilitate the global launch and scaling of the company’s intellectual properties and products developed in-house. According to the announcement, this strategic expansion will enhance Symmetry Group’s credibility and open greater business opportunities across the GCC and international markets.

Through the subsidiary, Symmetry Group aspires to form partnerships, enter into joint ventures, and secure international contracts. The new setup will also allow for more efficient financial structuring and operational optimization, as well as exploring innovative business opportunities and global strategic investments, per the notice.

Symmetry Group is not the only country to tap into the potential that the UAE offers. Ismail Industries Limited, a confectionery manufacturer, announced in June its plans to establish a subsidiary in Abu Dhabi, UAE. Similarly, Treet Corporation Limited recently revealed the successful incorporation of its wholly owned subsidiary, Treet Trading LLC, in Dubai.

The UAE’s attractiveness as a destination for Pakistani companies is attributed to its streamlined payment processes, favourable business climate, and effective contract enforcement.