UBS, the Switzerland-based banking institution, continues to broaden its reach in the United Arab Emirates (UAE) with a newly inaugurated advisory office in Abu Dhabi. This establishment is an extension of UBS AG and will deliver direct consultation services to clients from its base in the Abu Dhabi Global Market (ADGM). The institution will book its clients’ assets in Switzerland. This new office marks UBS’s second footprint in the UAE, complementing its other presence in Dubai.
UBS’s expansion comes amidst projections of significant wealth growth in the Middle East. According to a report by the bank, the region’s personal wealth currently stands at a formidable $5.7 trillion. UBS, having been in the area for over six decades, is strategically positioning itself to take advantage of this wealth growth.
Beatriz Martin, the president of UBS EMEA, remarked on this move, “Our expanded presence in the country puts us in a strong position to continue driving growth and delivering the full value of our One Bank offering to clients in Abu Dhabi and across the region.”
UBS’s presence in ADGM is a testament to Abu Dhabi’s growing status as a leading hub for global wealth management and family offices. Arvind Ramamurthy, the Chief Market Development Officer at ADGM, expressed his delight at UBS’s setup within the market. He stated that ADGM offers a perfect platform for firms like UBS to connect with regional and international investors. This connection aligns with Abu Dhabi’s aspiration to become a leading global financial hub.
What is the significance of UBS’s new advisory office in Abu Dhabi?
The opening of this advisory office reinforces UBS’s presence in the UAE and positions the bank to capitalize on the projected wealth growth in the Middle East.
What is UBS’s ‘One Bank’ offering?
The ‘One Bank’ offering refers to UBS’s comprehensive suite of services provided to clients, which aim to fulfill all their financial needs under a single institution.
How does UBS’s presence in ADGM align with Abu Dhabi’s vision?
ADGM is positioning itself as a leading hub for global wealth management and family offices. UBS’s presence in the market supports this positioning and contributes to Abu Dhabi’s vision of becoming a key global financial hub.
