While it has been hard to ignore the geopolitical challenges, there has been a steady flow of stories about wealth managers, advisory firms and banks establishing offices, entering alliances and opening offices in the UAE and wider Gulf area. WealthBriefing talks to a range of firms for their take on the state of play.

The merits of Gulf states as wealth jurisdictions continue to shine if a run of stories about newly-licensed wealth managers, bank operations and partnership are a guide. 

In one example, in early July, the Dubai Department of Economy and Tourism (DET) signed an agreement with Deutsche Bank. The DET also signed a similar pact with Julius Baer later in the same month. 

Referring to its Deutsche Bank pact, the DET said that the arrangement would create “clear pathways for global investors, family offices, ultra-high net worth individuals, corporates, family-owned businesses, and industrial groups to establish and expand their presence in Dubai”.

“We view this partnership through a long-term lens rather than as a response to short-term events. Dubai continues to stand out for its connectivity, business environment and ability to attract global talent and capital. Those structural strengths remain compelling for international investors and businesses,” Salman Mahdi, global vice chairman of the private bank at Deutsche, told WealthBriefing in an interview.

“The agreement reflects trends we have been observing for some time, with growing client interest in diversification, international expansion and globally connected markets. Dubai has become increasingly relevant in those discussions because of its strong economic fundamentals and international connectivity. The partnership provides a structured way to help clients explore opportunities in the emirate,” Mahdi continued. 

As explained when the DET pact was announced, Deutsche Bank will anchor a wealth and family office forum in Dubai as a “flagship engagement platform” and host DET across international roadshows, conferences, roundtables, and curated client sessions. DET will support inbound delegations of Deutsche Bank clients to Dubai. 

DET said the Deutsche collaboration supports the Dubai Economic Agenda, D33. This agenda aims to double the size of Dubai's economy by 2033 and rank it among the top three global economic cities. Under D33, Dubai is aiming to become one of the top 4 global financial hubs by 2033, leveraging institutions such as the Dubai International Financial Centre to drive financial innovation, fintech growth, and cross-border economic corridors.

As for Julius Baer, the attitude is confident. "We are seeing sustained and growing interest in Dubai across our global client base, and while the current regional and international geopolitical environment has introduced an element of complexity for international investors, it has also reinforced Dubai’s position as a destination that offers stability, institutional credibility, and a clear long-term economic direction," Rahul Malhotra, head of Region Emerging Markets, Julius Baer, said in the bank’s 27 July statement.

(To see details about the Thirteenth WealthBriefing MENA Awards for Excellence 2026, click here. Nominations remain open.)

Confidence
Such announcements may not on their own be the whole story, but they suggest a level of quiet confidence even against the current geopolitical background. 

“The general outlook is very positive for wealth management and private banking in the GCC for those who manage to gear their offering to the very specific needs of the different segments driving demand,” Andreas Buelow, Bahrain-based MD at LEK Consulting, told WealthBriefing in a recent call.

There is a need, however, for some firms to re-think business models, he said. “Some firms are only starting to create that kind of multi-offering corridor and to serve clients where they want to retire.” 

A rising tide is lifting a lot of boats: The EY GCC Wealth Management Industry Report 2025 said that more than 200,000 individuals in the GCC meet the criteria for HNW status, with investable assets ranging from $2 million at the bottom of this band up to hundreds of millions of dollars in the UHNW segment. GCC wealth management is enjoying faster growth in assets under management than any other region in the world, with a compound annual growth rate of 8 per cent expected to continue until 2028.

Wealth managers must also understand the different nature of GCC jurisdictions. The UAE is overwhelmingly international, with only a minority of its clients being indigenous to the emirates, and most are expats. By contrast, most Saudi wealthy individuals are locals, Buelow said. 

Figures show how far and fast the Gulf jurisdictions, such as those of Dubai and Abu Dhabi, have travelled. DIFC's first-half 2026 report puts active registered companies at 10,018 as of end-June 2026, rising by 30 per cent on a year before. For the full year, 2,525 newly-registered companies were logged. At Abu Dhabi Global Market (ADGM), its active licences reached 13,353 by the end of the first quarter of this year. Some 961 new licences were issued in that quarter alone. Total active licences rose 30 per cent to close last year at 12,671, following 3,769 new licences issued during the year.

Arrivals
Another case development came this year from Arab Bank Switzerland. A shift in the way Middle East-based HNW and ultra-HNW individuals view wealth and the advisory services they need played a part in why it launched ABS (Middle East) Limited. That operation is based in the DIFC.

“10 years ago, most clients in the region were looking to preserve their wealth and they were looking at cash and real estate. Over the last 10 years, a big shift happened – people asked `How can I grow my wealth and how can I transfer it?’ That is why our expertise is very interesting for clients,” Samir Atitallah, CEO of ABS (Middle East) Ltd, told this publication in a recent interview. “The trend in the Middle East is very impressive. [It is] the growth of the whole financial ecosystem. Demands of Middle East clients are becoming more sophisticated.” 

Other developments include law firm Mishcon de Reya opening its Dubai office in the One Za'abeel in June. In May, investor services group IQ-EQ said its subsidiary Gordian Capital had achieved regulatory approval to expand its institutional cross-border fund platform and fund solutions offering into Dubai. Monaco-headquartered Azura Partners, a UHNW wealth manager, opened an office in Abu Dhabi Global Market in mid-July, and Partners Capital opened an Abu Dhabi office, its tenth global office. In late September 2025, Ocorian, a specialist global provider of services for asset managers and owners, secured a new fund services licence in the DIFC.

Other stories point to activity on the ground. For example, this week Barclays Private Bank confirmed that Neil Cabral has been made head of multi-family office and external asset management in the United Arab Emirates. 

When this news service analysed a trend of “family offices in motion” at the start of this year, the Gulf kept emerging as one of the places these entities were moving some if not all their operations to. Dubai has made a push at the family offices sector, as reported here.  

The DIFC said that, based on figures at the end of 2025, it was home to 1,289 family-related entities, up 61 per cent year-on-year, while DIFC-based families had established 1,115 foundations, up 66 per cent over the same period. 

Demand for advice around how to structure wealth and handle intergenerational transfers explains part of the family office growth. At Ocorian, for example, Nina Auchoybur, head of private clients for the Middle East, told WealthBriefing that the firm is “seeing a notable shift in how wealthy families across the Gulf approach wealth structuring and governance”. 

“Historically, many family offices in the region operated more as extensions of family businesses rather than as formally structured entities with dedicated governance frameworks. Increasingly, however, families are looking to professionalise these arrangements, introducing clearer governance, independent oversight and more robust succession planning. This trend is being driven both by generational change and by a growing recognition of the importance of long-term wealth preservation.

“Throughout 2026, we have seen an increase in families reviewing their existing structures. Rather than simply discussing future plans, families are now actively implementing frameworks designed to better protect assets, manage risk and support future generations. We are seeing growing demand for advice around family governance, wealth structuring and jurisdictional diversification, reflecting a desire to build resilience while maintaining flexibility,” she said.

The family office angle is an important reminder of how business and wealth transfer issues loom large for much of the domestic as well as international wealth in the Gulf, LEK Consulting’s Buelow told this publication. 

The Gulf in general is witnessing considerable work in succession planning, governance structures around operating companies and liquid wealth holdings, and transfer of controls. “Succession is very important in all GCC countries,” he said. 

Deutsche Bank’s Mahdi sees considerable opportunities.

“We view this partnership through a long-term lens rather than as a response to short-term events. Dubai continues to stand out for its connectivity, business environment and ability to attract global talent and capital. Those structural strengths remain compelling for international investors and businesses.

“Clients are constructive and continue to take a long-term view, with a strong focus on diversification, succession planning and global opportunities. We are seeing sustained interest from entrepreneurs, family offices and globally mobile families who view the Gulf as an increasingly important destination for wealth, business and investment. More broadly, the Middle East sits at the crossroads of capital flows between Europe and Asia, making it one of the most strategically important wealth management markets in the world today,” Mahdi added.

Diversification and mobility
Bentley Reid, an advisory group, opened an office in the DIFC last year, responding to increasing calls by clients for help, Peter Clark, the firm’s CEO, told this publication. 

“The Middle East was the missing piece of the jigsaw,” Clark said.

Asked about the impact of conflict in the Gulf region, Clark replied: “In net terms, there is not much of a flow change. Most people temporarily left in March when the schools [in the region] shut but judging by my children’s schools, it looks as if most people have returned.”

The issues around where people choose to live cannot be separated into financial and non-financial elements, Clark continued. More broadly, wealthy families are becoming more internationally mobile…it is about “not putting all your eggs in one basket,” he said. 

There is a lot more discussion about contingency planning, he said. 

Getting more professional
Ocorian's Nina Auchoybur cited another trend that is playing out in the Gulf. "We are increasingly seeing a shift towards professionalisation. While the establishment of new family office structures remains an important area of activity, many families are now focused on strengthening and formalising existing arrangements," she said. 

"As wealth passes from one generation to the next, families are placing greater emphasis on governance frameworks, succession planning, family charters and clearly defined operating structures. There is a growing understanding that preserving wealth across generations requires more than investment management alone; it requires proper governance and a framework for decision-making.

There has been an element of caution given geopolitical events, she said. 

"In some areas, particularly funds linked to regional infrastructure projects, there has been a degree of caution as investors reassess risk and adopt a wait-and-see approach following regional developments. 

"However, on the private client side, activity remains strong. We continue to see significant interest from families and entrepreneurs both within and outside the region who are looking to establish wealth structures in the UAE. In particular, demand remains robust from international markets, including India, where families continue to view the UAE as an attractive jurisdiction for structuring and managing wealth," she added. 

Other features of the region remain, but in some ways are getting less pronounced. 

Arab Bank Switzerland’s Atitallah noted a recent study showing that in the Middle East, wealthy individuals typically hold about 15 per cent of total assets in property, which is ahead of the global average of around 10 per cent, but the gap is not particularly large or as wide as a decade or more ago. There is more interest in areas such as private equity and credit, as well as digital assets.  

WealthBriefing asked Atitallah whether his business has been affected by the upsurge in instability this year and what the outlook was for the medium term.

“Middle Eastern clients are looking to diversify in terms of jurisdictions and assets,” he said. “I don’t see any impact from clients from how investors are investing in the region. It has, though, accelerated some planned decisions.”