Global Anti-Corruption Organization TRACE International Opens Dubai Office
Increased Demand for Compliance Solutions Spurs International Growth
DUBAI, United Arab Emirates, April 17, 2013 /PRNewswire/ — TRACE International, the global anti-bribery business association that works with multi-national companies to enhance transparency and compliance in business, today announced the opening of an office in Dubai’s Silicon Oasis. The new office significantly expands TRACE’s reach in the Middle East, Asia and Africa, where demand for TRACE tools and services have been growing rapidly.
“The Dubai office is a notable step for TRACE and for our compliance community,” said Alexandra Wrage, president and founder of TRACE. “As the penalties and international awareness of compliance issues have increased, we’ve seen a heightened demand for our services. In particular, our new “Portable Due Diligence” options have been very popular in this region. This move enables us to serve better the business community in this region.”
The Dubai location is headed by Randa Almomani, a well-respected regional veteran of the compliance and corporate governance industry. The office will specialize in comprehensive compliance, including risk analysis, consulting, due diligence and training, Almomani will continue to add compliance experts and due diligence analysts in the coming months.
“This office will work seamlessly with our United States headquarters to provide the innovative, tailored due diligence and compliance solutions our members and clients have come to expect from TRACE,” Almomani said.
TRACE member companies are enthusiastic about the opening of the TRACE Dubai office. Angela Stonier Jensen, Legal & Compliance Counsel of Novo Nordisk Pharma Gulf FZ LLC for Africa, the Gulf & India said, “TRACE demonstrates clearly its commitment to all member companies by recognising and acting upon the great potential of the Middle East, Asia and Africa. Through its proximity to our Novo Nordisk Dubai Healthcare City office, TRACE experts have already added value to our local organisation through advice and a new collaboration to modernise third party due diligence processes, safeguarding an important and high-risk part of our value chain – distributing our medicines and devices.”
Bapsy Dastur, General Counsel, Head, Legal & Integrity IMA of ABB said the move “strengthens the local capabilities of TRACE which will help us greatly in our business operations.”
TRACE International is a non-profit membership association that pools resources to provide practical and cost-effective anti-bribery compliance solutions for multinational companies and their commercial intermediaries. TRACE Membership offers a cost-effective alternative to increasingly expensive and time-consuming corporate compliance. Founded in 2001, TRACE International is now one of the world’s leading non-profit organizations dedicated to anti-bribery compliance with hundreds of Corporate Members and thousands of Intermediary Members around the world. TRACE Inc. is an independent compliance firm and leading provider of professional due diligence and consulting services to Fortune 1000 companies.