J.P. Morgan has opened a new private banking branch in Dubai International Financial Centre (DIFC), strengthening its foothold in the UAE and wider Middle East.
The group has used DIFC as its regional base for corporate and investment banking for more than 20 years and has more recently expanded its activities through authorisation for J.P. Morgan International Advisors to provide asset management services.
His Excellency Arif Amiri, Chief Executive Officer of DIFC Authority, said: “J.P. Morgan Private Bank’s expansion into DIFC reinforces Dubai’s position as a global hub for private wealth and reflects the confidence that the world’s foremost financial institutions continue to place in our financial centre.”
J.P. Morgan triples Dubai private banking team
J.P. Morgan Private Bank has more than tripled the size of its Dubai-based private banking team over the past 12 months in preparation for the new branch.
The team is led by Selim Elgen, UAE Market Head and Senior Executive Officer, and Karim Rekik, Regional Head, Middle East at J.P. Morgan Private Bank.
Elgen said: “Over the past year, we have worked tirelessly to recruit the finest talent in the region. We strongly believe that to truly understand our clients, from the challenges they face to the potential opportunities available to them, location and environment are key.”
“The UAE and the broader Middle East represent a significant and growing opportunity for us as a business and for our clients,” said Rekik. “This branch is about making sure we are here, with the right people and capabilities, to help our clients navigate that opportunity.”
DIFC set-up
DIFC is home to 10,018 active firms, including 1,134 regulated entities, 592 wealth and asset management firms and 1,933 AI, fintech and innovation businesses.
Its planned 17.7mn sq. ft. Zabeel District expansion is expected to accommodate more than 42,000 companies and a workforce exceeding 125,000, alongside additional commercial space, technology facilities, residential buildings and hotels.
For J.P. Morgan, the new branch adds private banking to an established DIFC presence spanning corporate and investment banking and asset management.
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