Dubai: Edmond de Rothschild, EnTrust Global, Nomura Singapore Limited and The Family Office Company recently joined the Dubai International Financial Centre (DIFC), the authority said on Tuesday.
Edmond de Rothschild had its official office opening last month and already has strong relationships throughout the Middle East.
EnTrust Global manages $18.1 billion in assets for more than 500 institutional investors.
Nomura Singapore provides a full range of services to both institutional and private clients, while The Family Office Company is an independent wealth management firm.
The DIFC is now home to over 300 wealth and asset management companies.
The growth milestone reaffirms DIFC’s position as a top financial centre for wealth and asset management companies looking to access the vast pools of wealth in Dubai, UAE and the wider region. DIFC’s 300 wealth and asset management firms represent an industry size of $450 billion. More than 150 funds were domiciled in the centre by the end of 2022. This saw robust growth during the first quarter of 2023, reinforcing the centre’s commitment towards providing a conducive environment for businesses in the region – a primary driver for economic growth.
With $517 billion of wealth in Dubai, the highest in any Middle Eastern city, there continues to be strong interest from global and regional asset management firms to set up office in DIFC.
Dubai is also attractive to the industry because the emirate is home to more than 55,000 high net worth and ultra-high net worth individuals. More than $3 trillion of private wealth is within an hour’s flight of the city and $8 trillion across the region.
Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, commented: “The $8 trillion of private wealth across the Middle East, Africa and South Asia region provides wealth and asset management firms with a compelling reason to establish in the UAE, specifically in DIFC.”