The move is an example of how Dubai's financial hub is continuing to attract international banks and wealth managers.

Switzerland-based Habib Bank AG Zurich (HBZ), has set up a new branch in Dubai International Financial Centre, tapping into the Middle East, Africa and South Asia (MEASA) region.

HBZ has been present in the UAE since 1974, serving clients for retail, commercial banking and Islamic banking needs. The bank was set up in Switzerland in 1967.

DIFC has been busy. In August, it announced that it was launching a “global family business and private wealth centre.”

“Many of the fastest growing places for wealth accumulation in the world are in the Middle East, Africa and South Asia region – especially the UAE – which makes DIFC the natural choice for financial services companies who serve private banking and wealth management clients,” Arif Amiri, chief executive of DIFC Authority, said. “We welcome Habib Bank AG Zurich to our growing ecosystem of more than 4,000 financial-related firms.”