Sunday 17 November 2019
EFG International is expanding its footprint in the Middle East with the establishment of a new presence in Dubai.
Having received the necessary regulatory approvals from the Dubai Financial Services Authority, EFG’s new advisory office is expected to be fully operational by December 2019.
As part of EFG’s Continental Europe and Middle East Region, EFG is establishing its new presence in the Dubai International Finance Center (DIFC). In line with the bank’s growth strategy, this will increase EFG’s exposure to markets with long-term growth potential.
The UAE is already an important market for EFG and the new presence will enhance its ability to serve the region’s HNWI client segment by providing advisory services from the DIFC, as well as capture important market opportunities.
EFG has already recruited 22 employees and expects to increase the size of the team to more than 30 within the first year. The Dubai operations aim to generate approximately USD 3 billion of assets under management by 2022.
It expects to capture new growth opportunities in the region, building on its operations in Bahrain.