The financial group made much of the potential growth, and current size, of the international HNW and UHNW market, and the importance of the Middle East in the equation.

Manulife, the Canada-headquartered financial services group, has opened its new office in the Dubai International Financial Centre, which it said marks a “significant expansion of its global high net worth business.” 

The firm said the new office positions Manulife as the first international HNW insurer in DIFC with a Category 4 license – this allows to advise and arrange on life insurance contracts dedicated to serving wealth and insurance needs of the Middle East.

"The Middle East is integral to the global growth strategy for our HNW business. Establishing our new office in DIFC not only enhances our presence and capabilities but also connects us with a dynamic network of wealth managers, family offices, and innovators. This office is a gateway to providing our HNW and UHNW clients with innovative products and personalised experiences,” Jean Wong, CEO of Manulife global HNW, said. 

The firm, like several of its peers, expanding into the Gulf Co-operation Council collection of jurisdictions (Bahrain, the UAE, Oman, Kuwait, Saudi Arabia and Qatar), is tapping into the region’s rising wealth. Examples of firms doing more business there, sometimes with new offices and licences, include IQ-EQ, Titan Wealth, Avaloq, Canaccord, Rothschild & Co, Hamilton Lane, Indosuez Wealth Management, Bank of Singapore, and GSB Capital, among others.

Manulife’s global HNW business marries the expertise of teams from Manulife Bermuda, Hong Kong, and Singapore to offer tailored protection and savings solutions. It serves clients in more than 150 countries through the international HNW brokerage channel.

The firm said that the global HNW and UHNW segments collectively hold nearly $80 trillion in wealth, with global wealth projected to rise by 38 per cent over the next five years. 

At the end of 2024, DIFC clients included 125 insurance and reinsurance related companies, Manulife said.

On 7 May, the firm reported net income attributed to shareholders of C$500 million ($361.7 million), falling from C$400 million from the same quarter a year earlier.