This news service recently met with the Swiss bank in Dubai to discuss its strategy, views about the region, challenges and issues affecting HNW and UHNW individuals and families.

Late last year, WealthBriefing met with Amer Malik, senior executive officer at Lombard Odier (Middle East) Ltd – DIFC, at the Swiss private bank’s offices in Dubai. Malik is optimistic about the firm’s business proposition and how it plugs into the opportunities in the UAE and wider Gulf region. He spoke at a time when the region’s economic fortunes appear robust. 

WealthBriefing: Amer, you have now been in the region for a while and, in your view, what has changed the most since you started to work at Lombard Odier in this capacity, and why? 
Malik: I joined Lombard Odier in 2023, but I’ve been living in the region for more than 15 years. Over this period, I’ve seen Dubai in particular transform into an even more prominent financial hub. What’s interesting is that a lot of people who, like me, initially came to the UAE thinking it was a temporary stop, have ended up settling here, not only building careers but also developing strong links to the country. 

Dubai’s strategic location as a global business and logistics hub also offers seamless access to markets across both East and West, which is crucial for families managing international businesses and investments. According to our 2024 UAE expat study, more than 40 per cent of Western expats cited the high quality of life and investment opportunities as key drivers behind their decision to move to the region. The UAE’s Golden Visa programme and favourable tax policies also make it an attractive alternative to traditional hubs like Switzerland or Singapore.

Beyond the economic advantages, Dubai provides a stable political environment, world-class infrastructure, and a sophisticated ecosystem of wealth managers and financial institutions. These services are essential for high net worth families navigating complex wealth management needs. The city also distinguishes itself with premium offerings in healthcare, education, and finance, combined with a luxurious lifestyle, vibrant cultural scene, and top-tier amenities, making it an ideal location for both business and family life.

WB: It’s an understatement to say that global geopolitics and economics are in flux, and there are a lot of worries out there. The Gulf region has challenges of its own. When people who think of coming to Dubai and other GCC places ask about their merits, what do you typically tell them, and how does the bank seek to set expectations of people entering the region so they are realistic?
Malik: The UAE has become an increasingly popular destination for affluent families from all over the world. When individuals ask about moving here, we typically highlight the region’s strong commitment to economic diversification, innovation and infrastructure development. The UAE and Saudi Arabia, in particular, offer a dynamic environment with access to a wealth of business opportunities, a robust regulatory framework and a thriving financial sector. However, it's important to recognise that, like any market, the region does have its complexities, particularly in terms of navigating cultural nuances and local regulatory frameworks. At Lombard Odier, we strive to set realistic expectations by providing a clear and detailed picture of what it means to do business here, ensuring that our clients are well prepared to make informed decisions and take full advantage of the region's potential.

WB: What in your experience are the most common misconceptions about the UAE/other local jurisdictions? 
Malik: In my experience, one of the most common misconceptions about the UAE and other local jurisdictions is that they are primarily focused on short-term opportunities, when in fact the region is increasingly fostering long-term, sustainable growth. For example, the UAE’s vision, “We the UAE 2031,” clearly demonstrates a long-term commitment to establishing the UAE as a global economic hub.

Another common misconception is that the legal and regulatory environments for banking in the UAE are opaque. However, the country has made significant strides in enhancing transparency, as evidenced by its removal from the FATF grey list and the establishment of the Dubai International Financial Centre (DIFC), as well as the Abu Dhabi Global Markets (ADGM) with a robust regulatory framework aligned with international standards.

Additionally, some people still view the region as being exclusively for business, but in reality, it offers a balanced lifestyle. The UAE boasts world-class infrastructure, healthcare, and education systems and a well-established ecosystem enabling people from diverse cultural backgrounds to feel welcome.

WB: Succession planning and business transfer remains a big topic, and there is a need to get families to be more proactive to avoid frictions if they can. What sort of advice does Lombard Odier focus on to make this happen? How can the bank use its influence to get families talking in a constructive way? Is there a sort of “secret sauce” for doing this? 
Malik: Looking at the UAE, several leading family businesses that were established in the country’s early years have since grown into national and regional powerhouses. However, just 33 per cent of family business owners in the UAE have a formalised succession plan (1), reflecting the older generation’s hesitancy in handing over control to the next generation. 

At Lombard Odier, we advise a phased approach to succession, where the next generation gradually assumes responsibility, with guidance from the current leaders. This allows for leadership development and helps ease concerns, while actively preparing younger family members through exposure to all business aspects – from strategic decision-making to operational management.

The younger generation is increasingly interested in fields such as technology, fintech and sustainability, which are vital to the future of companies operating in an increasingly competitive environment.

Engaging the next generation early on in strategic discussions and encouraging them to share new ideas and perspectives – whilst emphasising the importance of adhering to core values – will ensure continuity. It will also foster a strong sense of purpose and inclusion among this generation.

WB: Business transfer can of course trigger tax events and other problems. What is the most significant business transfer challenge?
Malik: One of the most significant challenges in business transfer today lies in aligning the interests and capabilities of heirs. A common issue arises when heirs are either unwilling or unable to run the family business, leading to concerns over continuity and succession. Additionally, equity conflicts among family members often surface, particularly when there is a lack of clarity or consensus on ownership structures and decision-making. Addressing these challenges requires proactive succession planning, clear governance frameworks, and open communication to ensure a seamless transition, while preserving both family harmony and business legacy.

WB: The role of women in all this is rising, but arguably far off from where it must be. With wealth and business transfer and control issues, what does the bank do to improve the position of women to ensure that female family members are fully heard?
Malik: In the region, we are seeing a clear trend in the increasing number of women who want to be in control of their finances and investments, and their financial power is growing. We are conscious that there may be differences in investment approaches and preferences between men and women, particularly within this context, so we ensure that we listen to each client’s preferences and objectives when proposing customised solutions. Fundamentally, the services we provide are fully tailored to meet the unique needs of each individual client.

To better serve female clients, we recently launched LO Women Invest, a publication led by our EMEA chief investment officer, Nannette Hechler-Fayd’herbe, underscoring our commitment to empowering and engaging with this growing client segment. 

As wealth and business transfer become more central, we ensure that female family members are fully heard and considered in these decisions. We focus on delivering risk-adjusted, long-term sustainable growth – an approach that resonates equally with all our clients, regardless of gender, and ensures that women play an integral role in shaping the future of their family businesses.

WB: With so many people from around the world in Dubai/region, there can be some cultural frictions. That presumably means the bank must have a diverse range of people to manage clients so they can be culturally attuned. How do you go about hiring and retaining such people?
Malik: The UAE is truly international and a melting pot for cultural diversity. Our UAE offices currently have 10 nationalities with 40 per cent of women, including senior bankers and officers. As we grow our presence in the region, we expect the cultural diversity of our offices to expand further. In terms of hiring, we ensure that we recruit individuals who fit well with Lombard Odier’s DNA and corporate values. 

WB: How much work does LO do in building in-house talent, and what work do you do with external organisations (business schools, universities, training academies) in the region, and what in your view still needs to be done?
Malik: As a bank, we place great importance on continuous education and skill development. As a result, employees are encouraged to take part in training sessions and programmes, both externally and internally, through our Lombard Odier University platform. At group level, we also have several tailored programmes that allow us to foster young talent, encouraging career development and internal mobility.

WB: In the DIFC and GCC region, approximately how many people work at the bank? 
Malik: At present we have 25 employees working in our UAE offices. We believe in a sustainable growth strategy and will continue to expand our presence in the coming years.

WB: Lombard Odier is well known for its work in supporting EAMs and other intermediaries, such as through its G2 platform, etc. Can you elaborate a little on what the bank is doing now in the region?
Malik: In the region, we remain deeply committed to empowering External Asset Managers (EAM) and other intermediaries, and we recognise their vital role within the wealth management ecosystem. Our G2 banking technology platform is a cornerstone of this commitment, enabling intermediaries to enhance efficiency and deliver exceptional service to their clients, while navigating an increasingly complex regulatory environment. In addition, we have one business developer based in the UAE who is solely dedicated to our EAM business. 

WB: Are there specific new types of client (NRI, UK expats, Europeans, Asians, Africans etc) that the bank is currently targeting or deepening its links with?
Malik: With 26 offices globally, we cater to the needs of clients from all over the world. In the UAE, we aim to be the bank of reference for entrepreneurs running their businesses in the region. Whilst we have been catering to the needs of regional business families for over 60 years (historically from our Geneva offices), this very diverse expat community is the fastest growing segment for us in the UAE.

Footnote

https://www.gmg.com/succession-planning-is-not-a-sprint-its-a-marathon/