UAE: HSBC sets up shop in Dubai with region's first wealth centre

HSBC, Europe’s largest slope by full assets, is expanding its footprint successful the UAE with the opening of a dedicated wealthiness centre successful Dubai. This caller installation astatine the bank's flagship Jumeirah subdivision marks a strategical determination to seizure a larger stock of the region’s booming wealthiness and plus absorption business, amid an influx of millionaires moving to the UAE. The determination comes astatine a clip erstwhile the UAE is solidifying its presumption arsenic a planetary hub for high-net-worth individuals, attracting much millionaires than immoderate different state worldwide. HSBC’s caller wealthiness centre is designed to cater to the increasing fig of affluent clients successful the region, offering a premium situation for wealthiness absorption consultations, bespoke fiscal solutions, and exclusive networking events.

A caller hub for high-net-worth clients

HSBC's recently inaugurated wealthiness centre successful Dubai is tailored for the bank’s premier and high-net-worth clients.

The centre offers a private, exclusive abstraction wherever clients tin conscionable with specializer narration managers, consult connected plus management, and person personalized services to grow, manage, and support their wealth. The installation besides includes an lawsuit space, which volition big assorted exclusive functions specified arsenic seminars, acquisition sessions, and networking events, further fostering an ambiance of fiscal empowerment for affluent clients.

The opening of this centre aligns with HSBC’s broader strategy to grow its wealthiness absorption offerings globally. The slope has already launched akin wealthiness centres crossed markets successful China, Hong Kong, Taiwan, the U.K., Malaysia, and Mexico. With these planetary hubs, HSBC is seeking to supply clients with seamless planetary connectivity, offering solutions that let them to efficiently negociate liquidity, currency transactions, and plus allocation crossed aggregate regions. “We are making our biggest concern successful our planetary wealthiness and premier banking concern successful the past 2 decades,” said Dinesh Sharma, Head of International Wealth and Premier Banking for the Middle East, North Africa & Turkey. “This wealthiness centre is the archetypal successful a bid of investments to found the UAE arsenic a cardinal wealthiness hub successful our planetary network.”

The opening of HSBC’s wealthiness centre is happening amid the UAE’s surge arsenic the world’s apical destination for millionaires.

According to Henley & Partners’ wealthiness migration data, the UAE is acceptable to pull a grounds 9,800 caller millionaires successful 2025. This influx is expected to bring successful a staggering $63 cardinal (Dh231 billion) of investable wealth. This follows a inclination from 2024, wherever the UAE welcomed 6,700 millionaires, maintaining its apical spot globally. “The UAE has go the world’s apical destination for affluent investors and entrepreneurs,” said Mohamed Al Marzooqi, Chief Executive of HSBC Bank Middle East.

“Measures similar semipermanent residency and taxation benefits person created a conducive situation for affluent individuals, expanding a lawsuit basal that aligns straight with HSBC’s expertise successful wealthiness absorption and cross-border banking.” Currently, the UAE is location to astir 130,500 millionaires, 325 centi-millionaires (those with $100 cardinal oregon much successful liquid assets), and 28 billionaires. Dubai, successful particular, remains the epicentre of wealthiness and investment, solidifying its estimation arsenic a planetary wealthiness hub.

While HSBC is making important investments successful the UAE, the slope precocious faced scrutiny implicit regulatory issues successful the region. Reports from Bloomberg and the Financial Times revealed that HSBC had to fto spell of implicit 1,000 affluent clients crossed the broader Middle East, amid investigations into high-risk clients. These included individuals from Lebanon, Egypt, and Qatar, galore of whom held assets exceeding $100 million. Despite these challenges, HSBC has reaffirmed its committedness to the UAE and the broader Middle East region. Dinesh Sharma emphasized that the portion remains a cornerstone of HSBC’s planetary maturation strategy. “The Middle East, North Africa, and Turkey (MENA) portion generated 37% of our full gross successful the Middle East concern successful 2024,” Sharma noted. “It besides accounted for 13% of HSBC’s wide planetary wealthiness and premier banking gross past year.

” The UAE, successful particular, ranks among HSBC’s apical 5 markets globally, underscoring the value of the portion to the bank’s aboriginal growth. The instauration of the caller wealthiness centre is simply a nonstop effect to the expanding marketplace request successful the region. “We are investing heavy successful infrastructure, products, and radical to cater to the increasing needs of the affluent colonisation here,” Sharma said. “In fact, the wealthiness of the UAE has been increasing by implicit 20% successful the past 3 years, reaching implicit $700 cardinal successful idiosyncratic fiscal assets.”

The motorboat of this caller wealthiness centre besides highlights HSBC’s semipermanent imaginativeness for the region. As portion of its maturation strategy, the slope is considering further wealthiness centre locations, with Abu Dhabi being a imaginable campaigner for a aboriginal site. The UAE’s favorable regulatory environment, taxation advantages, and its strategical presumption arsenic a gateway to the broader Middle East, Africa, and South Asia person made it an charismatic marketplace for some household offices and organization investors alike.“We’ve seen a historical influx of millionaires into the UAE,” Sharma noted. “For the past decade, we’ve chiefly seen millionaires from India, but present we are besides seeing important involvement from China. Last year, China was the fourth-largest existent property capitalist successful the UAE, accounting for 9% of each existent property transactions.”In summation to the notable beingness of Indian and Chinese investors, the UAE is besides drafting important numbers of millionaires from different regions. According to The National, implicit 20% of the caller wealthiness successful the UAE comes from different Middle Eastern markets, portion 14% originates from Russia and the Commonwealth of Independent States (CIS). The UK and Europe relationship for 12% of the influx, reinforcing the UAE’s presumption arsenic a planetary magnet for affluent investors crossed divers nationalities.