Edmond de Rothschild Group said today (28 February) it has opened an advisory office in Dubai International Financial Centre (DIFC) in a bid to "invest in the region's best talents and to provide a full range of bespoke services to its clientele in the Middle East".
Edmond de Rothschild (Middle East) was granted a Category 4 advisory licence regulated by Dubai Financial Services Authority (DFSA) to locally advise clients and ensure access to the entire group's offerings.
Edmond de Rothschild said it had already established strong relationships throughout the Middle East, serving its clientele from its main hubs in Switzerland and Europe, while leveraging its local presence through its representative office in Dubai.
"The UAE is already an important market for Edmond de Rothschild, and the new presence will enhance its ability to serve the clients in the region by providing state-of-the-art services, ensuring better proximity to clients as well as capturing important market opportunities", the statement said..
Ali Raza Syed (pictured below), senior executive officer of Edmond de Rothschild (Middle East) Ltd, will be leading the local office in DIFC.
He reports to Saman Habibian, Chairman and Market Leader Middle East & Africa at Edmond de Rothschild (Middle East) Ltd.
Essa Kazim, Governor of DIFC, said: "Dubai is the city in the Middle East with the highest concentration of wealth and has access to more than USD 3trn of private wealth within an hour's flight, which makes DIFC the preferred choice for Wealth & Asset Management firms.
"We are delighted that Edmond de Rothschild has chosen DIFC as their home in the region. Growth opportunities are vast and attracting such a prestigious industry name reinforces Dubai and DIFC's reputation as the preferred business destination to access the region. Edmond de Rothschild's conviction driven approach and actions on sustainable development align with our principles to drive the future of finance through innovation and supporting economic growth in our societies."
Ariane de Rothschild, chair of the board, Edmond de Rothschild Group, added: "For more than 250 years, our bank has helped clients preserve and grow their assets by combining performance and sustainability, while approaching investments with a pioneering mindset.
"Expanding our presence in the UAE was a natural choice, given Dubai's spectacular growth for a long time along with DIFC's expertise and world-class services. Moreover, most of our clients in the region have family-driven business models and their success is based on innovation, strong convictions and action. We share their entrepreneurial and pioneering spirit in proactively addressing present and future needs and challenges."
Saman Habibian, market leader Middle East & Africa, Edmond de Rothschild, said: "Dubai is a leading financial and economic centre offering unprecedented opportunities, and where the group has been developing its client base for the past ten years.
"This opening enables our clients in the region, including the expat community based in Dubai, to further capitalise on our international expertise, particularly in the private markets."
Founded in 1953, the Edmond de Rothschild Group had nearly CHF 178 billion in assets under management at the end of December 2021, 2,500 employees, and 29 locations worldwide.
