JPMorgan Expands Private Banking Presence in Dubai

JPMorgan Chase & Co. is establishing a new private banking team in Dubai, aiming to capture the growing number of affluent individuals moving to the Middle East. The firm has transferred two bankers from Geneva and London, Sebastian Botana de Beauvau and Carol Mushriqui, to lead the new team, with plans for further expansion in the coming years.

Dubai is increasingly attracting millionaires, drawn by the absence of income taxes and a luxury lifestyle. According to Henley & Partners, the United Arab Emirates is expected to see an influx of 6,700 ultra-wealthy individuals this year, nearly double the number expected in the United States.

The Middle East has become a focal point for major global wealth managers. UBS Group AG, Deutsche Bank AG, and HSBC Holdings Plc are among those expanding their operations in the region. HSBC added 100 bankers last year and plans to continue hiring, while Julius Baer Group Ltd. has strengthened its team catering to wealthy Indian clients in Dubai.

JPMorgan’s international private bank is the largest among U.S. financial institutions, and the company has been steadily expanding its global footprint, adding 11 city locations over the past decade. The new Dubai team will target affluent clients, family offices, charities, and foundations across the region.