Private wealth in the UAE has grown at the fastest pace among Arabian Gulf states in the past four years, mainly due the global rebound in equities and partly thanks to GCC-specific drivers, particularly the impact of high oil prices during that period, as well as increasing government spending on mega-projects, infrastructure, further economic diversification and job creation, according to special data presented in the report.
Private banks have been boosting their businesses in this part of the world to take advantage of the growing wealth. In the past few years a number of private banks including Swissquote and La Cloche Wealth Management have set up in the Dubai International Financial Centre. Falcon Private Bank, a Swiss money manager owned by Abu Dhabi, has been beefing up its capabilities locally while shutting offices in Hong Kong to focus on the super-rich in the Middle East, Africa and eastern Europe. Emirates Investment Bank, a UAE private bank, has seen its assets under management more than double in the past two years. Banks working in the UAE’s private wealth sector have become more focused on providing high-end family office services, especially that of business succession planning.
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