In an effort to strengthen its ties to customers in the United Arab Emirates and throughout the Middle East, J.P. Morgan Private Bank today announced the opening of a new branch in the Dubai International Financial Center (DIFC), the premier global financial hub in the Middle East, Africa, and South Asia (MEASA) region. The new location, which is governed by the Dubai Financial Services Authority (DFSA), will give J.P. Morgan Private Bank a specific platform in DIFC from which to serve customers in the UAE and the surrounding area.
After more than 50 years, the growth is the most recent phase of J.P. Morgan’s connection with the UAE. The company has used DIFC as its regional base for corporate and investment banking for the past 20 years. More recently, it expanded its operations by becoming authorised to offer asset management services through J.P. Morgan International Advisors. “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 center,” stated Arif Amiri, Chief Executive Officer of DIFC Authority. J.P. Morgan’s decision to strengthen its ties to the UAE and DIFC in particular is evidence of the robustness of our ecosystem, global connectedness, and capacity to link international organisations with opportunities throughout the region.
J.P. Morgan Private Bank has more than tripled the size of its Dubai-based private banking team over the last 12 months in preparation for the authorisation. This is a purposeful initiative to make sure the appropriate people and capabilities are in place. The team is led by Karim Rekik, Regional Head, Middle East at J.P. Morgan Private Bank, and Selim Elgen, Senior Executive Officer and Head of the UAE Market.
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