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With a business-friendly environment and lack of personal income tax, corporate tax, and capital gains tax, Dubai provides significant tax savings for UHNWIs and Family Offices. With a high standard of living, luxurious amenities, world-class healthcare, international schools, and a diverse cultural scene, it makes this accessible with the Golden Visa program, which allows investors, entrepreneurs, and skilled professionals to obtain long-term residency. The DIFC established the Global Family Business and Private Wealth Centre which is positioning the Middle East as a potential epicenter for family offices, with an estimated US$500Bn pouring in to the nations economy in the next three years. Some interesting statistics; the population is forecast to grow from 3.5 million to 5.5 million by 2030; in 2023 4,500 millionaires will choose to relocate to the UAE; in 2022, the UAE outperformed global expectations by attracting 5,200 HNWI, 2000+ of these were Asian Ultra and HNWI’s; Dubai is estimated to already have circa 67,000 millionaires. This will only increase with the strong pull factor of “safety”, attracting even US families to relocate to Dubai.

Dubai is also a valuable hub, strategically located between East and West, and on the doorstep of the progressively opening Kingdom of Saudi Arabia; offering unparalleled access to diverse investment opportunities. Riyadh has already opened up its stock market to foreign investors, and the Kingdom’s Public Investment Fund is now one of the most prolific investors globally. Banks such as JPMorgan, BNP and Deutsche to name but a few have growing presence onshore. The opportunity presented by Saudi with over 360,000 millionaires, a royal family with over 1.4 trillion and an investment fund with over 700Bn under management is as big as it gets. The Opportunity!You don’t have to be a banker with Middle Eastern clients to take advantage of Dubai’s requirement for talent; the flow of Indian, Indonesian, North Asian, US and European UHNWI and family offices presents an abundant hunting ground for those hungry and driven to grow their book. With booking facilities in the East (SG/HK) and West (Europe/London/US/Channel islands) clients get access to a plethora of stable financial hubs; allowing for a full diversification of assets.

Specification
Senior Private Bankers
Minimum Book size of US$300m+
Some stakeholder clients (already present)
Strong interest in clients having representation in Dubai
For International Bankers looking to be closer to home
CoverageUHNWI / HNWI and Family Offices
Global South Asia
Indonesia / SE Asia
North Asian
European

enquiries@huddlestonjones.com