Swissquote Bank, the Swiss-based online private bank, has announced that it has been granted a category 4 licence from the Dubai Financial Services Authority to start its operations in the United Arab Emirates.

The licence will enable Swissquote to operate in the UAE and the Gulf Cooperation Council countries, providing services for retail banking and professional clients, as well as asset managers and other financial institutions, the firm said in a statement.

The bank now operates two offices in Dubai and intends to increase its total staff numbers from 20 to 25 in the coming months.

“We aim to provide the entire range of our exclusive Swissquote banking services in the Middle East. The ongoing economic boom in the region has resulted in exceptional business opportunities and increase of the expatriates who are in need of advanced and innovative financial solutions,” said chief executive Mario Camara.

In recent months, a number of other private banks have opened offices in the GCC, including LGT Group and Arbuthnot Latham.

According to Nigel Sillitoe, chief executive of UAE research firm Insight Discovery, this influx is a result of rising wealth in the region. For more on this story, click here.