Swiss bank Edmond de Rothschild Group has announced the establishment of its Middle East and North Africa (MENA) hub in Dubai’s Dubai International Financial Centre (DIFC) as part of its strategy to expand its presence in the region. The bank, founded in 1953, has been catering to the MENA market from Switzerland, but the establishment of its presence in Dubai will ensure proximity to its clients and leverage the expertise it has built up in the region.
The bank has secured a Category 4 advisory license from the DIFC and has hired eight private bankers who will be working from its offices in the ICD Brookfield Place. The private banking business will be focused on clients with investable assets of more than $5 million. Edmond de Rothschild also offers wealth planning for family offices and family-owned businesses and entrepreneurs across the entire lifetime of their businesses and strategies. The bank invests in trends of the future and sustainability, such as renewables, megatrends in healthcare and the food sector.
Dubai and the MENA region have been an important market for Edmond de Rothschild Group for years, and the bank believes it is the right time to establish its presence in the region as Dubai positions itself as a key hub for various sectors. Dubai is home to over 200 centi-millionaires or individuals with a net worth valued at more than $100 million, according to a Henley Global Citizens Report, which earlier projected that 4,000 millionaires would migrate to the UAE in 2022.
The bank’s Global Market Leader – Middle East and Africa, Saman Habibian, said, “It’s just the right time for us to be based here now. Besides the traditional products such as custody, advisory, credit, etc., we also offer wealth planning for family offices and family-owned businesses and entrepreneurs across the entire lifetime of their businesses and strategies. All of this has helped us to build a successful track record in the private banking space.”
Edmond de Rothschild Group manages nearly CHF 158 billion ($168.76 billion) in assets under management as of 31 December 2022. It has 2,500 employees and 29 locations worldwide. Private banks worldwide are increasingly looking to the UAE to set up offices in Abu Dhabi or Dubai or increase their teams on the ground to cater to the fast-growing high net-worth investors in the Emirates.
The DIFC has been attracting global financial institutions with its transparent legal and regulatory framework, and it is now home to more than 2,600 active registered firms, including 27 of the world’s top 50 banks. The DIFC’s recent reforms have strengthened its position as an international financial hub, enabling firms to provide a wider range of services to clients, including managing and distributing funds, family office, and trust services. The DIFC has also launched several initiatives to support sustainable finance, including the Green Loan Principles, the region’s first ESG disclosure guide, and the launch of the region’s first ESG fund.
The establishment of Edmond de Rothschild Group’s MENA hub in Dubai’s DIFC is expected to further strengthen the region’s position as a global financial hub and attract more high-net-worth clients to the UAE. The bank’s expertise in private banking, wealth planning, and sustainable investments is expected to attract investors looking for personalized and innovative solutions to their financial needs.
