ANALYSIS: As Firms Open Offices, Secure Licences, Gulf Wealth Sector Is In Confident Mood

Tom Burroughes

26 August 2026

The merits of Gulf states as wealth jurisdictions continue to shine if a run of stories about newly-licensed wealth managers, bank operations and partnership are a guide.

In one example, in early July, the Dubai Department of Economy and Tourism (DET) signed an agreement with to drive financial innovation, fintech growth, and cross-border economic corridors.

As for Julius Baer, the attitude is confident. "We are seeing sustained and growing interest in Dubai across our global client base, and while the current regional and international geopolitical environment has introduced an element of complexity for international investors, it has also reinforced Dubai’s position as a destination that offers stability, institutional credibility, and a clear long-term economic direction," Rahul Malhotra, head of Region Emerging Markets, Julius Baer, said in the bank’s 27 July statement.

(To see details about the Thirteenth WealthBriefing MENA Awards for Excellence 2026, click here. Nominations remain open.)

Confidence
Such announcements may not on their own be the whole story, but they suggest a level of quiet confidence even against the current geopolitical background.

“The general outlook is very positive for wealth management and private banking in the GCC for those who manage to gear their offering to the very specific needs of the different segments driving demand,” Andreas Buelow, Bahrain-based MD at , told WealthBriefing in a recent call.

There is a need, however, for some firms to re-think business models, he said. “Some firms are only starting to create that kind of multi-offering corridor and to serve clients where they want to retire.”

A rising tide is lifting a lot of boats: The EY GCC Wealth Management Industry Report 2025 said that more than 200,000 individuals in the GCC meet the criteria for HNW status, with investable assets ranging from $2 million at the bottom of this band up to hundreds of millions of dollars in the UHNW segment. GCC wealth management is enjoying faster growth in assets under management than any other region in the world, with a compound annual growth rate of 8 per cent expected to continue until 2028.

Wealth managers must also understand the different nature of GCC jurisdictions. The UAE is overwhelmingly international, with only a minority of its clients being indigenous to the emirates, and most are expats. By contrast, most Saudi wealthy individuals are locals, Buelow said.

Figures show how far and fast the Gulf jurisdictions, such as those of Dubai and Abu Dhabi, have travelled. DIFC's first-half 2026 report puts active registered companies at 10,018 as of end-June 2026, rising by 30 per cent on a year before. For the full year, 2,525 newly-registered companies were logged. At Abu Dhabi Global Market (ADGM), its active licences reached 13,353 by the end of the first quarter of this year. Some 961 new licences were issued in that quarter alone. Total active licences rose 30 per cent to close last year at 12,671, following 3,769 new licences issued during the year.

Arrivals
Another case development came this year from . A shift in the way Middle East-based HNW and ultra-HNW individuals view wealth and the advisory services they need played a part in why it launched ABS (Middle East) Limited. That operation is based in the DIFC.

“10 years ago, most clients in the region were looking to preserve their wealth and they were looking at cash and real estate. Over the last 10 years, a big shift happened – people asked `How can I grow my wealth and how can I transfer it?’ That is why our expertise is very interesting for clients,” Samir Atitallah, CEO of ABS (Middle East) Ltd, told this publication in a recent interview. “The trend in the Middle East is very impressive. shut but judging by my children’s schools, it looks as if most people have returned.”

The issues around where people choose to live cannot be separated into financial and non-financial elements, Clark continued. More broadly, wealthy families are becoming more internationally mobile…it is about “not putting all your eggs in one basket,” he said.

There is a lot more discussion about contingency planning, he said.

Getting more professional
Ocorian's Nina Auchoybur cited another trend that is playing out in the Gulf. "We are increasingly seeing a shift towards professionalisation. While the establishment of new family office structures remains an important area of activity, many families are now focused on strengthening and formalising existing arrangements," she said.

"As wealth passes from one generation to the next, families are placing greater emphasis on governance frameworks, succession planning, family charters and clearly defined operating structures. There is a growing understanding that preserving wealth across generations requires more than investment management alone; it requires proper governance and a framework for decision-making.

There has been an element of caution given geopolitical events, she said.

"In some areas, particularly funds linked to regional infrastructure projects, there has been a degree of caution as investors reassess risk and adopt a wait-and-see approach following regional developments.

"However, on the private client side, activity remains strong. We continue to see significant interest from families and entrepreneurs both within and outside the region who are looking to establish wealth structures in the UAE. In particular, demand remains robust from international markets, including India, where families continue to view the UAE as an attractive jurisdiction for structuring and managing wealth," she added.

Other features of the region remain, but in some ways are getting less pronounced.

Arab Bank Switzerland’s Atitallah noted a recent study showing that in the Middle East, wealthy individuals typically hold about 15 per cent of total assets in property, which is ahead of the global average of around 10 per cent, but the gap is not particularly large or as wide as a decade or more ago. There is more interest in areas such as private equity and credit, as well as digital assets.

WealthBriefing asked Atitallah whether his business has been affected by the upsurge in instability this year and what the outlook was for the medium term.

“Middle Eastern clients are looking to diversify in terms of jurisdictions and assets,” he said. “I don’t see any impact from clients from how investors are investing in the region. It has, though, accelerated some planned decisions.”