RIYADH: Switzerland-based private banking giant Edmond de Rothschild has opened an advisory office in Dubai International Financial Center, as it looks to expand its presence and client base in the Middle East and North Africa region.
The new subsidiary named Edmond de Rothschild (Middle East) Ltd. has secured a Category 4 advisory license regulated by Dubai Financial Services Authority, which will allow the firm to locally advise clients and ensure access to the entire group’s offerings.
Edmond already had a representative office in Dubai, but it said the new facility will “enhance” the bank's ability to serve clients in the region.
Ali Raza Syed, senior executive officer of Edmond de Rothschild (Middle East) Ltd., will be heading the operations in the new advisory office located in the ICD Brookfield Place.
Syed will report to Saman Habibian, the company’s chairman and market leader Middle East and Africa.
A spokesperson for Edmond de Rothschild said that the bank plans to hire about five people in Dubai next year.
“We are delighted that Edmond de Rothschild has chosen DIFC as their home in the region. Growth opportunities are vast and attracting such a prestigious industry name reinforces Dubai and DIFC’s reputation as the preferred business destination to access the region,” said Essa Kazim, governor of DIFC.
He added: “Edmond de Rothschild’s conviction-driven approach and actions on sustainable development align with our principles to drive the future of finance through innovation and supporting economic growth in our societies.”
Ariane de Rothschild, chair of Edmond de Rothschild Group, said that the bank always addresses the present and future needs and challenges of its customers.
“Expanding our presence in the UAE was a natural choice, given Dubai’s spectacular growth for a long time along with DIFC’s expertise and world-class services. Moreover, most of our clients in the region have family-driven business models and their success is based on innovation, strong convictions and action,” she added.
Meanwhile, the DIFC registered record-breaking growth last year, with the number of active companies in the Gulf’s financial hub up by a fifth year-on-year to 4,377, driven by fintech and innovation firms.
DIFC has about 60 hedge fund firms with more than $1 trillion in assets under management waiting to be licensed, Kazim said last week.
