Operator group Veon outlined plans to move its headquarters from Amsterdam, the Netherlands to Dubai in the UAE, a move it said reflects an ongoing strategic alignment and gives it closer proximity to key markets.

The plan has been approved by the company’s board of directors and ultimately cements Veon’s presence in Dubai, after it opened an operational hub in the city in early 2022.

By moving to the hub located in the Dubai International Financial Centre, the group will become the largest Nasdaq-listed company with its group HQ in Dubai, which is also home to Nasdaq Dubai.

Kaan Terzioglu, CEO of Veon, said the decision allows it to capitalise on the vast opportunities Dubai offers, “including its proximity to our operations, access to world-class talent and enhanced visibility with a broad base of Gulf investors”.

Veon operates across six markets including Pakistan and Bangladesh, as well as in Ukraine, where it owns the country’s largest operator Kyivstar.

Veon’s move follows an announcement two months ago when it outlined plans to delist from Euronext Amsterdam, blaming regulatory costs and low liquidity for stocks in Europe.

It expects the delisting process to take place during Q4 this year.