This expansion comes in line with the trend of many Western financial institutions, which seek to capitalize on the market Dubai Growing.
The bank explained in a statement that the new office, which has already begun operations, will benefit from cooperation with the team dedicated to the Middle East, which is based in… Geneva Headquartered, with support from local experts to meet customer needs more efficiently.
The bank noted that Dubai is an attractive destination for wealth investors thanks to its ideal geographic location, ease of doing business, and tax exemption, making it an important investment center that attracts individuals and institutions from around the world.
In this context, Sascha Benz, Head of Wealth Management at the bank, stated to the region The Middle East Who will manage the new office, saying: “As a financial center with an impressive demographics, and with a growing per capita GDP, Dubai is a very attractive market for Rothschild & Co.”
He added: “Dubai’s international standing as a financial center spanning the Middle East makes it increasingly interesting for wealthy foreigners and institutions. We aim to serve clients, including local business families who need succession planning, as well as international family offices and technology-focused entrepreneurs.” “
Benz pointed out that the work team in the Dubai office includes a senior advisor to local clients and a compliance officer, with a plan to appoint three additional employees during the next 18 months to support operations and expand the scope of services.
Regional expansion of wealth management institutions
The opening of the Rothschild office in Dubai comes as part of a broader trend by Western banks to strengthen their presence in the country The UAE.
Last September, he launchedJP Morgan“A private banking team in Dubai, and also opened a bank”SantanderA new private banking office in the Dubai International Financial Centre.
In turn, the bank stated:UPS“Earlier this year, we announced the strengthening of our wealth management team in the Middle East, to keep pace with the continued expansion of other banks such as”Deutsche Bank“, which is working to enhance its services to attract wealthy clients in the region.
These moves reflect the growing interest in Dubai as a global financial center that allows institutions to provide diverse services to clients of different classes and wealth.
