Avaloq Expands in the Middle East With New Dubai Office
Financial software provider Avaloq has opened a new office in Dubai as part of broader ambitions to expand in the Middle East.
Avaloq has opened a new office in the Dubai International Financial Center (DIFC), according to a statement. The strategic expansion follows the addition of new clients in the Gulf Cooperation Council (GCC), including the signing of InvestGB, the wealth and investment management arm of Gulf Bank.
«The opening of Avaloq’s new office in Dubai marks a significant milestone in its international growth. For years, Avaloq has been a trusted partner to prominent financial institutions in the region, supporting their offshore activities in Switzerland while helping global firms establish their onshore wealth management business in the Middle East,» the tech firm said.
«With its expanded local presence and new regional partnerships, Avaloq aims to accelerate the digital transformation of financial services across the GCC.»
UAE Investor Preferences
According to an Avaloq report based on a survey with over 3,000 investors and 300 wealth managers in Europe, Asia and the Middle East, the top reasons for switching advisors in the UAE is due to lack of trust (44 percent), high costs (44 percent) and lack of transparency (39 percent). UAE investors also place a lot of value on clear communication (88 percent) and effective risk management (84 percent) when it comes to building trust in their advisors.
«This underscores the necessity for digital tools that not only streamline operations but also empower advisers to provide insightful, transparent and trust-building advisory services,» the report added.
«We are excited to establish a strong local presence in Dubai, allowing us to work even more closely with the region’s leading financial institutions as the Middle East’s wealth and investment management sector continues to mature,» commented Akash Anand, Avaloq’s head of Middle East and Africa. «Our platform and services will help harmonize their technology ecosystems, enabling them to deliver better value for their clients while driving their long-term success and strengthening their competitive edge.»
