GlobalCapital is expanding its business into the Middle East, the Gulf States – where it already has a property base in Dubai – and Libya.

Oliver Said, the group’s chief officer for business development, who is based in Tripoli, is heading the expansion. The Tripoli representative office is preparing the groundwork for new financial services business, and has begun to promote BUPA health insurance in the expatriate oil service sector in Libya.

GlobalCapital is now exploring potential joint ventures in financial services in the Middle East. GlobalCapital had bought property in Dubai before prices began to escalate.

The group’s expansion outside Malta has been caused by rapid growth over the last few years, and the looming possibility of saturation in the home market.

Moving outwards into the European Union is not a viable option since that market is already dominated by players who have been in the field for a long time, some of them since the 19th century.