The opening of an advisory office in the DIFC is another reminder of how the jurisdiction is raising its profile as a wealth and financial services hub.

Edmond de Rothschild, the French-Swiss private banking group, has opened an advisory office in the Dubai International Financial Centre, aka DIFC.

With a Category 4 advisory licence regulated by Dubai Financial Services Authority (DFSA), Edmond de Rothschild (Middle East) Ltd can advise clients locally and ensure access to the entire group’s offerings, DIFC said in a statement earlier this week. 

This news service has contacted Edmond de Rothschild for further details and may update in due course.

In the past, the business has served Middle East clients from its main hubs in Switzerland and other parts of Europe, while using a 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, senior executive officer of Edmond de Rothschild (Middle East) Ltd, will lead the local office in DIFC. He reports to Saman Habibian, chairman and market leader for the Middle East and Africa at Edmond de Rothschild (Middle East) Ltd.

“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,” Ariane de Rothschild (pictured), chair of the board, Edmond de Rothschild Group, said.

The move is an example of how DIFC, and rival Abu Dhabi Global Market, compete to attract overseas banks and other financial institutions in the Gulf region. In October last year, for example, Switzerland-based Habib Bank AG Zurich (HBZ), set up a new branch in the DIFC.

This news service recently spoke to the CEO of the DIFC Authority about its strategy. 

In August last year, DIFC launched a “global family business and private wealth centre,” highlighting how the Middle East jurisdiction is targeting family businesses as a client segment.