Singapore's DBS Bank Eyes Dubai Hub to Expand Wealth Services

Singapore's DBS Bank is taking a significant step to enhance its presence in the Middle East by expanding its operations in Dubai. As part of a strategic five-year plan, the bank aims to double its team of private bankers in Dubai and boost its revenue by tripling it through enhanced client services and a broader investment portfolio. This move comes as the bank seeks to tap into the growing wealth in the region, particularly among ultra-high-net-worth individuals, who are increasingly looking to diversify their investments in Asia.

The Dubai office, which has seen consistent revenue growth over the past seven years, is central to DBS's ambitions. The bank is also planning to expand its services in sectors like e-commerce, health technology, and real estate, catering to the specific needs of its Middle Eastern clients. The bank's commitment to the region is underscored by its decision to open a new, larger office in the Dubai International Financial Centre (DIFC).

DBS’s focus on Dubai aligns with broader trends in the region, where wealth management services are becoming increasingly sophisticated. The Middle East remains a lucrative market for DBS, with projections indicating a continued rise in the number of ultra-high-net-worth individuals in the coming years. The bank's expansion strategy is expected to bolster its competitive edge in the global wealth management arena.