JP Morgan sets up private banking base in DIFC

Dubai: J.P. Morgan Private Bank has opened a branch in the Dubai International Financial Centre (DIFC), the firm announced on November 2. Regulated by the Dubai Financial Services Authority (DFSA), the new presence will provide J.P. Morgan Private Bank with a dedicated platform in DIFC from which to serve clients across the UAE and the wider region.

The bank has staffed up for the move. Over the past 12 months, it more than tripled its Dubai-based private banking team in readiness for the authorisation. The team is led by Selim Elgen, UAE Market Head and Senior Executive Officer, and Karim Rekik, Regional Head, Middle East at J.P. Morgan Private Bank.

“Location and environment are key,” Elgen says. He argues that operating from DIFC makes a big difference. “We have worked tirelessly to recruit the finest talent in the region. We strongly believe that to truly understand our clients, from the challenges they face to the potential opportunities available to them.”

Rekik calls the UAE and the broader Middle East an opportunity for growth. “This branch is about making sure we are here, with the right people and capabilities, to help our clients navigate that opportunity and make the most of what this region has to offer," he said.

Arif Amiri, CEO of DIFC Authority, says the expansion “reinforces Dubai’s position as a global hub for private wealth.”  

Five decades in the UAE

The branch extends a relationship with the UAE that spans more than five decades. J.P. Morgan has used DIFC as its regional base for corporate and investment banking for the past 20 years. More recently, it widened its activities with authorization to provide asset management services through J.P. Morgan International Advisors.

The new branch adds private banking to that DIFC footprint. The bank says it will offer clients greater proximity, continuity and local insight.

A crowded field

J.P. Morgan joins a long list of private banks already operating from the UAE. Julius Baer has been in DIFC since 2004. UBS runs a Dubai wealth platform and now handles former Credit Suisse private banking activity there. Pictet moved from a representative office to a full DIFC branch. Goldman Sachs expanded its International Private Bank team in Dubai in 2024. Citi Private Bank, HSBC and Emirates NBD also serve wealthy clients in the country. 

The private wealth management business has been booming of late. DIFC counted 1,408 family-related entities at the end of the first half of 2026, up 36% from a year earlier, according to its Q2 results filed in July. Families and family offices are on the look out for banks to hold assets, manage portfolios and extend credit. This is pushing more banks to build local teams to win over that business.