The Bank of Singapore has revealed plans to double its share of assets and revenue from the Middle East over the next three to five years. Currently contributing 10% to the bank’s overall assets and income, the Middle East is poised to account for 20% as part of this expansion.
This strategy aligns with the growing influx of global millionaires relocating to the United Arab Emirates (UAE), particularly Dubai. The region has seen a rise in high-net-worth individuals (HNWIs) seeking robust banking and wealth management solutions amid its favorable tax environment and burgeoning economic opportunities.
Bank of Singapore CEO Jason Moo noted, “The Middle East represents a key growth area for us, and we are investing heavily to strengthen our capabilities in this market.”
The bank plans to expand its Dubai International Financial Centre (DIFC) presence, offering personalized solutions such as portfolio diversification, estate planning, and sustainable investments for its ultra-wealthy clientele.
As competition among wealth managers intensifies in the region, Bank of Singapore’s targeted approach positions it to capture a larger share of the market while supporting the UAE’s ambitions to become a global financial hub.
