DUBAI, Sept 28 (Reuters) – Swiss personal financial institution Lombard Odier plans to double its workforce within the United Arab Emirates inside three years after acquiring a license to function from Dubai’s monetary hub, one among its seniors mentioned executives instructed Reuters on Thursday.
The financial institution, which has had a consultant workplace in Dubai, a significant regional monetary middle, for 17 years and a department in Abu Dhabi since 2019, is increasing its presence within the UAE as a part of an effort to leverage household wealth and a rising group of entrepreneurs to drill .
The “important” inflow of different nationalities lately, together with European expats and folks from the subcontinent, has led the financial institution to rethink its technique for the area, says Amer Malik, senior government officer and head of Center East Worldwide unit of the financial institution. in an interview.
“The following logical step for us was to acquire an advisory license within the Dubai Worldwide Monetary Middle (DIFC), and now we’re hiring and constructing our platform right here,” mentioned Malik, including that he expects the present workforce of 17 individuals in Dubai workplace will double inside two to a few years.
“What we’re doing in Dubai goes to be centered on entrepreneurs and personal households, and that’s the place we are able to add essentially the most worth.”
Whereas Saudi Arabia is a prime marketplace for Lombard Odier, which had whole consumer property of 300 billion Swiss francs ($327.01 billion) on the finish of 2022, there are at present no plans to arrange an workplace within the kingdom. The financial institution additionally gives a full Sharia providing within the area that’s appropriate with Islamic legislation.
The worldwide variety of high-net-worth people (HNWIs) fell by 3.3% to 21.7 million in 2022, however the HNWI inhabitants within the Center East grew by 2.8%, in response to Capgemini’s 2023 wealth report.
“It is just pure that we’ve got a robust footprint within the Center East, and that stems from the rising political and monetary stability we’re seeing right here. It isn’t nearly oil cash; it’s the investments that happen in each different sector. ‘ mentioned Malik.
($1 = 0.9174 Swiss francs)
Reporting by Rachna Uppal; Modifying by Paul Simao
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