New Office
Manulife Signals Middle East Growth Ambitions, Targets HNW Market

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.