Dubai has become the fastest-growing wealth management centre in the world by inflow of millionaires, according to Henley and Partners' annual migration reports. The DIFC hosts the regional offices of nearly every major private bank: UBS, Julius Baer, HSBC Private Banking, Citi Private Bank, Lombard Odier, Pictet, Rothschild and Co, EFG and others. Several have upgraded their Dubai presence from advisory office to booking centre.
The distinction between booking and advisory matters. A DIFC booking centre holds the client's assets under DIFC regulation and DFSA supervision. An advisory office serves the relationship locally but books the assets in Switzerland, Singapore or London. Both models are common; the choice affects regulatory protection, reporting and lending.
The UAE participates in the Common Reporting Standard. Discretion is not the proposition; the proposition is proximity to a growing base of Gulf, South Asian and European clients who have relocated to Dubai.
What to Look For in a Dubai Private Banking Professional
- Booking centre versus advisory office status in the DIFC
- Capability in Islamic finance products if relevant to your requirements
- Lending appetite against Dubai real estate and international portfolios
- Depth of the local team, since some offices are thinly staffed relative to their Swiss headquarters