Yet another Swiss financial institution is heading to the new private banking Eldorado in the Middle East. The wealth management sector in the region appears to have ample room for growth and opportunity.
The Zurich-based NPB Neue Privat Bank has received the green light from the authorities in Dubai to open a local subsidiary, according to a statement released on Tuesday. The company refers to this as a «strategic milestone» to expand its presence in the Middle East and enhance its ability to serve clients in the region.
The new subsidiary is named NPB Middle East Limited and is located in the Dubai International Financial Centre (DIFC). It is led by Amritaanshu Agrawal (pictured above), who has been promoted to Equity Partner and Senior Executive Officer. He has been with the bank for nearly three years and previously worked at various Swiss financial institutions such as Mirabaud, Falcon, and Banque Pasche.
Long list
Additionally, NPB Middle East Limited has hired Ashraf Abader (pictured above) as Managing Director and Waheed AlKatatsheh as Senior Director in Dubai. Both also come from Mirabaud. Both executives previously worked at Mirabaud.
With this expansion step, NPB Neue Privat Bank joins the long list of Swiss financial institutions that see the greatest growth opportunities in the Middle East, particularly in the United Arab Emirates (UAE), as reported by finews.ch on several occasions.
Significant impact
Dubai, the most developed financial center in the region, benefits from substantial infrastructural support from the authorities in various ways. Additionally, the location has recently benefited from not being subject to enhanced monitoring for money laundering by the international Financial Action Task Force (FATF). The organization noted «significant progress in addressing money laundering deficiencies» after an on-site visit last February, as reported by finews.ch. This announcement has significant implications for banks. Many financial institutions can now adjust their internal IT systems so that clients receive profiles based on their exact domicile rather than general standard ratings with medium and high risks.
Liberal immigration policy – «Golden Visa»
The cities of Abu Dhabi, Dubai, and Riyadh in Saudi Arabia now combine the most important requirements to be attractive to the financial world. These areas have a large number of very wealthy individuals and families, the infrastructure is continuously being expanded and improved, the legal framework increasingly adapts to international standards, and the authorities are investing in future-oriented business fields such as digitization, cryptocurrencies, blockchain, as well as green energy projects and other facilities and innovations to tackle climate change.
It is not surprising that Dubai – thanks in no small part to a liberal settlement policy via «Golden Visa» – is experiencing an enormous influx of people from around the world, as regularly published figures from Henley & Partners show. This, in turn, stimulates the local economy, particularly the real estate sector, which sometimes already shows signs of overheating.
