Rothschild Launches Wealth Management Office in Dubai

By Federico Maccioni

DUBAI (Reuters) – Rothschild has launched a wealth management office in Dubai to enhance its services for local clients and wealthy individuals in the region. This move follows a trend as other financial institutions are entering the expanding market.

The new office, which is already operational, aims to serve ultra-high-net-worth families, entrepreneurs, charities, and foundations. Rothschild stated that its Geneva-based Middle East team will now be supported by local advisers.

Western wealth managers have increased their presence in the UAE, drawn by the ease of doing business, favorable time zones, and tax-free status, attracting a diverse range of investors.

"As a financial center with impressive demographics and a growing GDP per capita, Dubai is a very attractive market for Rothschild & Co.," said Sascha Benz, the bank's Head of Wealth Management for the Middle East, who will oversee the new office.

Benz highlighted Dubai's international positioning as a financial center for the Middle East, noting it appeals to wealthy foreigners and institutions. The new office intends to assist various clients, including local merchant families with succession planning, international families, family offices, and tech-focused entrepreneurs.

Rothschild joins other banks that have launched or expanded wealth management services from Dubai. In September, JPMorgan established a private banking team in the city, and Banco Santander opened a new office in the Dubai International Financial Centre (DIFC). UBS also announced earlier this year that it was expanding its wealth management team in the Middle East, part of a broader trend among banks like Deutsche Bank.