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DUBAI (REUTERS)
A growing number of wealth managers in Asia are setting up offices in Dubai, capitalising on warming diplomatic ties between China and the Middle East and betting on a surge in demand from clients for geographical diversification.
Dubai, a major financial hub in the Gulf region, is emerging as a preferred wealth hub for many entrepreneurs and rich families in Asia, mainly China, as they look to take advantage of favourable policies and expand their businesses, wealth managers said.
Noah Holdings, one of China's top wealth managers overseeing round $23 billion in client assets, for example, is expecting to get a business license in Dubai by the end of this year, said Qing Pan, its chief financial officer.
The Dubai office will serve Chinese entrepreneurs who are setting up their businesses in that market, he said.
"Noah's strategy has been following the growth of clients' wealth. That's why we will have to be there and take care of the wealth generated locally," Pan said, adding that the firm plans to send some staff from China first and recruit locally later.
"Many Chinese entrepreneurs are looking for new markets and diversifying their supply chains, and many are excited by the opportunities offered by the Middle East."
A post-COVID economic rebound, neutral political stance, ease of doing business, convenient time zones, and tax free status have all contributed to the Middle East attracting droves of wealthy individuals in recent years.
