Rothschild Bank Takes Advantage from the Growing Market in the Middle East
In order to enhance its services to local clients and region’s wealthy individuals, Rothschild Bank has opened a wealth management office in Dubai.
By this step, the bank is following other financial institutions that have taken advantage of the growing market.
In a press release, the bank stated that the new office is already operational.
Moreover, its operations will serve ultra-high-net-worth families, entrepreneurs, charities, and institutions.
Adding that the bank’s Middle East team, based in Geneva, will now be supported by local advisors.
Why Western Wealth Managers Are Choosing the UAE ?
Western wealth managers have increased their presence in the UAE.
Due to the ease of doing business and favorable geographical location.
As well as tax exemptions, which have drawn a diverse group of investors.
Sascha Benz, head of Rothschild Bank wealth management in the Middle East, who will lead the office, told Reuters:
“As a financial hub with impressive demographics and a rising GDP per capita, Dubai is an extremely attractive market for Rothschild & Co.”
Benz added: “Dubai’s international position as a financial center covering the Middle East makes it increasingly interesting for wealthy foreigners and institutions”
Noting that the new office aims to serve clients including “local (business) families needing to plan for succession”.
As well as international families, family offices, and technology-focused entrepreneurs.
The bank, which is affiliated with the Mohammed bin Rashid Al Maktoum Global Initiatives Foundation,distributed 24.5 million meals in 9 months. pic.twitter.com/pQcbUHViJF
— UAE Voice (@uae_voiceeng) November 18, 2024
International Banks are Expanding Their Services in Dubai
Rothschild bank is following in the steps of other banks that have launched or expanded their private wealth management services from Dubai.
In September, J.P. Morgan established a private banking team in Dubai.
And also Santander Bank inaugurated a new private banking office in the Dubai International Financial Centre.
A few months ago, UBS Bank announced that it was strengthening its wealth management team in the Middle East.
Joining the expansion efforts of other banks such as Deutsche Bank.
