JPMorgan expands Dubai operations with new DIFC private banking branch

Wall Street banking giant has more than tripled its Dubai-based private banking team over the past year as it targets wealthy clients across the Middle East.

JPMorgan has more than tripled the size of its Dubai-based private banking team over the past year as it opens a new branch in the Dubai International Financial Centre (DIFC), strengthening its push into the UAE’s wealth management market.

The new branch, announced on Monday, November 2, is regulated by the Dubai Financial Services Authority (DFSA) and will provide J.P. Morgan Private Bank with a dedicated platform to serve wealthy clients in the UAE and, where permitted, across the wider Middle East.

JPMorgan opens DIFC private bank

The expansion builds on the US banking giant’s five-decade relationship with the UAE and its established presence in DIFC, which has served as its regional base for corporate and investment banking for the past 20 years.

JPMorgan has also expanded its activities in the financial centre through authorisation to provide asset management services under J.P. Morgan International Advisors.

The private bank said it had accelerated recruitment over the past 12 months in preparation for the new branch, more than tripling its Dubai-based team.

The operation 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.

“The UAE and the broader Middle East represent a significant and growing opportunity for us as a business and for our clients,” said Rekik. “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.”

Elgen said the bank’s recruitment drive reflected the importance of building a team with direct knowledge of the regional market.

“Over the past year, 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, location and environment are key. That is why being here, in the UAE and operating from DIFC, with a team rooted in this market, matters.”

The latest move follows JPMorgan’s decision in September 2024 to establish a dedicated private banking team in Dubai to serve wealthy individuals, family offices, charities and foundations across the region. At the time, the bank said it planned to expand the operation as demand for wealth management services increased.

The expansion comes as international wealth managers compete to attract wealthy clients in the Gulf, with banks including UBS and Deutsche Bank also strengthening their regional operations.

Arif Amiri, Chief Executive Officer of DIFC Authority, said the new branch reflected continued international confidence in Dubai’s financial services sector.

“J.P. Morgan Private Bank’s expansion into DIFC reinforces Dubai’s position as a global hub for private wealth and reflects the confidence that the world’s foremost financial institutions continue to place in our financial centre.”

DIFC is home to 10,018 active firms, including 592 wealth and asset management companies and more than 100 hedge fund managers, according to figures provided by the financial centre.

Khaled Hobballah, JPMorgan’s Senior Country Officer for the Middle East and North Africa, said the new branch would strengthen the bank’s ability to serve regional clients.

“Our history in the UAE has given us a deep understanding of the market and strong confidence in its future. This branch underscores our continued commitment and strengthens how we serve clients here.”