The head of new markets at Swiss private banking group Lombard Odier has said that it is currently preparing to obtain a licence from the Dubai Financial Services Authority (DFSA) to set up an office in the Dubai International Financial Centre (DIFC).
This comes several weeks after global investment firm AllianceBernstein was granted a Category 4 Licence from the DFSA.
Arnaud Leclercq, head of new markets at Lombard Odier, told news outlet Al Khaleej: “We’ve seen wealth coming from Europe over the last couple of years. This will remain an important part of our work as we grow in the region.”
He said that the Dubai office will be for wealth management, citizens and residents, and the wider Arabian Gulf region.
Leclercq noted that Lombard Odier was the first Swiss bank to open an office in Abu Dhabi.
The bank has been present in Dubai since 2007 and in Abu Dhabi since 2019
DIFC demand
The DIFC has attracted several notable financial giants recently and the total number of wealth and asset management companies in the financial centre has increased to over 300 – including St James’s Place.
International Adviser reported that financial services giant Edmond de Rothschild Group and Holborn Assets received DFSA approval to open an advisory office in the DIFC.
Some firms which joined the DIFC in 2022 included Nomura, Octogone Group, Continental Group International, Habib Bank, Alpadis Group and Finsbury Wealth.
Global importance
Leclercq also highlighted that in recent years the UAE economy has attracted long-term investments from Europe and elsewhere, with the golden visa system making the country significantly more attractive to overseas investors.
He added: “Dubai has become an important financial centre for the entire world, as many investors come from London, Asia, America and Europe to invest in the Emirate.”
