French asset manager bets on Dubai as regional wealth hub grows

The pace of growth in the UAE means the country can no longer be served effectively from Europe, according to the head of Middle East at French asset manager Carmignac, which has opened its first regional office in Dubai International Financial Centre (DIFC).

In an exclusive interview with Gulf News, Christophe Younes said the decision to commit to an on-the-ground presence reflects both the speed of wealth creation in the UAE and the appetite of a local investor base that leans towards active management, an area in which Carmignac specialises. 

DIFC is now home to 592 wealth and asset management firms, its largest regulated segment, according to the centre's results for the first half of 2026.

Carmignac, which is the latest global manager to set up in DIFC, will focus initially on distribution, serving institutional investors, private banks and family offices in the UAE and wider region. 

The move comes as the number of wealth and asset management firms at DIFC rose 35 per cent year on year to 592. Younes attributed this growth to the centre's strong regulatory standards and supportive policy environment, the same considerations that encouraged Carmignac's decision to expand to the UAE.

“The ambition set out in the D33 agenda, specifically the target of ranking Dubai among the world's top four global financial centres, helps explain why so many wealth and asset managers are expanding here, and why we see the UAE as the logical next step for Carmignac’s international growth,” he said.

“We have served international clients from Europe for over threedecades. But given the pace of growth in the Gulf, the Middle East can no longer be effectively covered on a fly-in basis,” he said.

Outlining Carmignac's capabilities, Younes emphasised the firm's track record in emerging markets and technology, as well as fixed income, multi-asset, alternatives and private assets. He said such a mix would complement existing regional portfolios and UAE investors' preference for active management and income-generating strategies.

“Income generation is clearly a priority in this market, with almost half of the funds domiciled in the UAE since 2024 carrying an explicit income objective,” he said. “That is precisely where we can add value.”

Asked what success would look like, Younes pointed to integration rather than scale alone.

“We would like to become an integral part of the regional financial services ecosystem," he said. "Carmignac is recognisedas one of the leading active managers in Europe, and we would love to earn a comparable reputation in the UAE and the wider region.”

Younes will be supported by a board that includes Carmignac'sgroup deputy chief executive, Rose Ouahba, and Habib Achkar, who spent more than 30 years at Morgan Stanley across Paris, Saudi Arabia and the wider MENA region. In that, Carmignac joins a growing number of European managers using the UAE as a base for the region, on the view that lasting relationships with local institutions and family offices are best built on the ground and in-person.