UBS Group plans to open an office in Abu Dhabi to expand its presence in the Gulf and serve high-net-worth clients relocating from higher-tax markets, Bloomberg reported.
Beatriz Martin Jimenez, President for Europe, Middle East and Africa at UBS, said the Middle East has gained from the outflow of private wealth from jurisdictions like the UK. “The Middle East has definitely been a winner for private individuals that have been moving away from higher-tax regimes,” she said at the Qatar Economic Forum in Doha.
According to Henley & Partners, Abu Dhabi’s millionaire population has grown by 80% over the past decade. The number of centi-millionaires in the emirate is projected to more than double by 2033.
UBS joins a growing list of global financial firms that are increasing investment in the UAE as the region attracts more capital and talent due to its tax advantages and regulatory incentives.
