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 two 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.
Due to the fact that many private banks are just entering into this space, many HNWIs in the UAE are working with family offices and private trust to provide them with popular business succession structures. As legacy planning and succession is becoming an important concern for the region’s first generation wealthy individuals and families, global regulations and compliance requirements are posing new challenges. Banks based in the UAE will have to catch up to this reality in order to continue to stay competitive in market with HNWIs.
The report is completed by two surveys: The first survey interviews 100 HNWI throughout The UAE to learn their needs, their changes, and how they view wealth management in The UAE. The second survey interviews 5 major banks in The UAE to learn about emerging trends in wealth management in The UAE and the country’s competitive landscape.
The report also benchmarks all the key private banks in the UAE, from best to worst that are based on: level of customer service, product diversity, business planning ability, skills and training of executives and relationship managers, and much more.
The banks mentioned in the report are the following:
Table of contents
1. Introduction of The Dragon Banker and Middle East private banking research
2. The Dragon Banker’s research methodology
3. HNWI’s opportunities in The UAE
4. The current state of the private banking market in The UAE
5. Unique private banking services in The UAE
6. Current Insights into the Drivers of The UAE HNWIs’ Wealth
7. Note on Regulations Impacting The UAE’s private banking Sector
8. The Psychological and Behaviour Makeup of The UAE HNWIs
9. Market Sizing of The UAE’s HNWI
10. Growth Challenges for Banks in The UAE’s Wealth Management Industry
11. Business and wealth succession in the UAE, and the best to worst banks
12. The number of HNWI in the UAE and projections to year 2020
13. The number of UHNWI in the UAE and projections to year 2020
14. Current Competition Amongst Banks for HNWI Clients and SWOT
a. Abu Dhabi Commercial Bank
b. Abu Dhabi Islamic Bank
c. Arab Bank
d. Bank of Sharjah
e. Citibank UAE
f. Commercial Bank International
g. Dubai Islamic Bank
h. Emirates NBD
i. Finance House
j. First Gulf Bank
k. HSBC Bank Middle East Limited
L. Other key banks and insurance companies in the UAE
15: Benchmarking of private banks in the UAE
16. How to leverage The Dragon Banker for IT firms and Financial