Reliance Capital, the financial services arm of the Reliance Anil Dhirubhai Ambani Group, is planning to expand its operations in the Middle East with a special focus on wealth management, which is at the core of its current Dubai-based office.

The company is said to be looking to expand its business in the region up to $1 billion in the next three years and up to $2 billion in next five years in the UAE and GCC countries with special focus on wealth management and Shariah-compliant businesses, according to reports in the media which cited Sam Ghosh, chief executive of Reliance Capital.

"We see Dubai play an important role in our international growth strategy. Dubai's geographical location and its highly dynamic business environment are ideal for our international presence. Our decision to open an office in the DIFC (the Dubai International Financial Centre) is helping us accelerate and tap the vast business potential present in the region," said Ghosh.

Part of the expansion will include ramping up the company’s headcount considerably in the region, although further details of this have yet to emerge. In Dubai and the Gulf region, Reliance Capital will primarily emphasise India-focused asset management business.

In the Gulf markets the firm is said to be targeting NRI clients; the company wants to reach the significant number of high net worth individuals, family offices and sovereign wealth funds linked to India.

"Leading sovereign wealth funds from the region have investment exposure to India. Going forward we expect growing interest from family offices and regional high net worth clients. Although international institutions offer exposure to India through offshore funds, everyone knows the fact that local knowledge of the market is a key asset in fund management business. This is what we want to leverage in the region," said Ghosh in reports.

The Dubai branch of Reliance Asset Management began advisory operations based out of the DIFC last year after receiving a licence from the Dubai Financial Services Authority. It provides wealth and investment advisory services to institutional clients and high net worth individuals.