Written by Gérard Al-Fil, Dubai

Switzerland's largest bank is planning to expand its presence in the Gulf state of the United Arab Emirates (UAE). In addition to its long-standing full banking license in the Dubai International Financial Centre (DIFC), UBS AG is planning to open an additonal branch in the Emirati capital, Abu Dhabi, according to Bloomberg.

The news agency quotes Beatriz Martin Jimenez, President of UBS for the combined region of Europe, the Middle East, and Africa, as saying: «The Middle East is definitely a winner for individuals who have moved away from high-tax systems and other countries such as the UK.»

Since the election victory of the Labour government under Prime Minister Keir Starmer in July 2024, which has committed to higher taxation of wealthy individuals, the UAE has seen a notable influx of affluent Britons relocating to Dubai and Abu Dhabi.

UBS is also present in the Gulf states of Saudi Arabia, Qatar, and Bahrain to maintain close proximity to high-net-worth clients in these countries.