UBS has been granted a licence to operate in the Dubai International Financial Centre. The Swiss bank is planning to open a branch office in...

UBS has been granted a licence to operate in the Dubai International Financial Centre. The Swiss bank is planning to open a branch office in the DIFC by the end of the year which will focus on UBS's global core businesses, global wealth management, investment banking and global asset management.

“With over 40 years experience in the region and a well-established track record in the Gulf, our decision to open a branch in the DIFC represents further evidence of UBS's long-term commitment to the region,” said Peter Wuffli, chief executive of UBS.