Dubai: Banque Internationale a Luxembourg (BIL) expects a contribution of at least 5-10 per cent to its global asset under management worth 31 billion euros (Dh144.38 billion) in the next 3 years from the Middle East, its officials said on a day when the bank opened its first branch in Dubai.

BIL, which is 90 per cent owned by the Qatar’s royal Al Thani family-backed Precision Capital, plans to service ultra-wealthy individuals. The number of ultra-wealthy individuals has more than doubled since 2003 in the Middle East, at a time when they grew 59 per cent across the world despite the economic turbulence and uncertainty in many countries.

“We are looking at a very big aquarium here it’s a not a small aquarium with a big fish, so the market is very big,” said Adrian Leuenberger, member of the management board head of wealth and investment management.

The bank has a ‘significant’ portion of business in the Middle East. BIL has 9 employees currently in Dubai, and plan to take the total to 12 by end of the year and a total of 15 by the start of 2015. The Dubai branch will focus on Middle East and GCC clients, said Eddy Abramo, regional chief executive officer Middle East and Africa.

Luxembourg is the largest domicile for Islamic funds in Europe, and the third largest worldwide, after Malaysia and Saudi Arabia. BIL is present in the financial centres of Luxembourg, Singapore, Switzerland, Denmark, the Middle East and Belgium and has over 2,000 employees worldwide.

Alternative funds

“We want to become a hub for the investors out of this region who are also looking to Europe and not only in classical investments like equity or bonds but also real estate and private equity alternative funds,” said Francios Pauly, chairman of BIL. “ ... As Dubai is the hub for GCC region, we believe that for increasing number of investors of this region, Luxembourg will be the hub for their investments in Europe, and that’s the card we are playing which is different card than that of other private banks,” said Pauly.

The bank will invest in commercial real estate in Europe. “Our clients prefer to invest directly in real estate against a fund,” said Abramo.

The bank plans to advise on and arrange a wide range of international financial products and services for families, entrepreneurs and expatriates in the region. These include traditional investment products and the arrangement of tailored financing solutions through the banks’ booking centres in Luxembourg and Switzerland.

Further, BIL will offer efficient solutions for structuring real estate investments across Europe.