Company Profiles
Nedbank Private Wealth Hails UAE 10th Anniversary, Eyes Opportunities

Although economic and financial conditions in Gulf states aren't always easy, the firm gave an upbeat assessment of prospects as it marked a decade of its presence in the UAE.
Nedbank
Private Wealth has just marked a decade of operating in
Dubai, coinciding with the United Arab Emirates having signed
diplomatic agreements with Israel, paving the way for expanded
trade and investment.
The private bank has been celebrating its 10th anniversary in the
UAE, reflecting on how its venture has paid off.
“While we clearly identified multiple opportunities in the region
from the outset, we have been surprised by the development of the
financial sector and particularly recently. In addition, there is
an increased scope for growth emerging as the region seeks to
rotate away from oil as its predominant source of wealth,” Andrew
Bates, head of private banking for the Middle East, said in a
statement last week.
These are interesting times for the Gulf. The UAE and Israel, via
the Abraham Accords, signed terms that lifted restrictions on
trade, travel and investment. (As
separately reported here, lenders such as Citigroup see the
Accord as a major private banking opportunity.) The UAE has
also been one of the fastest jurisdictions for rolling out
vaccines against COVID-19 – a big edge. Coincidentally, Israel is
the fastest.
“The UAE authorities are clearly thinking strategically about the
future sustainability of the country’s appeal and Dubai’s as a
financial hub. This was clear from the introduction of five and
ten-year long-term residency visas in 2019, as well as the more
recent ‘right to retire’ initiative, and the extension of
citizenship on an invitation-only basis, provided appropriate
capital criteria is met. We may already be seeing these impact
property prices, which, particularly for family villas, have
started to buck the recent trend that saw values soften,” Bates
continued.
The firm said there are several positive tailwinds.
In 2019, the UAE authorities approved the issuance of five and
ten-year residency visas, which are automatically renewed. In
2020, the Dubai government offered individuals over the age of 55
the chance to “Retire in Dubai” through a structured scheme. In
January 2021, the UAE announced plans to extend citizenship to
named individuals to attract talent and boost economic growth,
Nedbank Private Wealth said.
The bank is even optimistic that some recent tax hikes could
sharpen appetite for its financial planning advice.
Late last year, Oman decided to push ahead with an income
tax, a big jump for a jurisdiction in a traditionally oil-rich
region. The bank said it could encourage other Gulf Co-Operation
Council members to do so.
Besides its Dubai office, the firm has locations in the UK,
Jersey and the Isle of Man. It works with its sister company,
Nedgroup Trust, to provide fiduciary services to clients from
Guernsey and Jersey.