Latest news with #BeatrizMartinJimenez
Fintech News ME
7 days ago
- Business
- Fintech News ME
UBS Expands to Abu Dhabi as More Millionaires Move to Middle East
European banking giant UBS Group is establishing a new office in Abu Dhabi, aiming to tap into the growing number of wealthy individuals relocating to the Middle East, according to Bloomberg. The ultra-rich have increasingly been moving away from high-tax countries such as the United Kingdom, opting instead for the region's favourable low-tax environment. 'The Middle East has definitely been a winner for private individuals that have been moving away from higher-tax regimes, other places and other locations like the UK,' said Beatriz Martin Jimenez, president of UBS's businesses across Europe, the Middle East, and Africa. She made the remarks during the Qatar Economic Forum in Doha. Over the past decade, the number of resident millionaires in the UAE capital has risen by 80%, according to data from Henley & Partners. The city is also expected to see its population of centi-millionaires more than double over the next ten years.
Zawya
21-05-2025
- Business
- Zawya
UBS to open new Abu Dhabi office amid millionaire influx
European banking giant UBS Group is setting up a new office in Abu Dhabi, as it seeks to capitalise on the influx of wealthy individuals migrating to the Middle East, according to Bloomberg. The ultra-rich have been moving away from countries that impose high taxes like the United Kingdom and choosing to live in the region due to the low-tax environment, the news agency quoted Beatriz Martin Jimenez, president of the bank's businesses across Europe, Middle East and Africa region. 'The Middle East has definitely been a winner for private individuals that have been moving away from higher-tax regimes, other places and other locations like the UK,' Jimenez, who was speaking at the Qatar Economic Forum in Doha on Tuesday, noted. 'We've seen that migration of clients.' Over the past decade, the resident millionaire population in the UAE capital went up by 80%, according to Henley & Partners. The emirate is also forecast to see its centi-millionaire population to more than double over the next ten years. (Writing by Cleofe Maceda; editing by Seban Scaria)
Business Times
20-05-2025
- Business
- Business Times
UBS to open Abu Dhabi office as more clients move to Mideast
[ABU DHABI] UBS Group is opening a new office in Abu Dhabi as the European banking giant seeks to capitalise on the flood of wealthy individuals leaving countries like the UK for low-tax cities across the Middle East. The efforts by sovereign wealth funds to diversify regional economies away from oil and to develop an investment corridor with Asia have also helped make the region attractive to legions of ultra-rich individuals, according to Beatriz Martin Jimenez, who is president of the bank's businesses across the Europe, Middle East and Africa region. 'The Middle East has definitely been a winner for private individuals that have been moving away from higher-tax regimes, other places and other locations like the UK,' Martin Jimenez said at the Qatar Economic Forum in Doha on Tuesday (May 20). 'We've seen that migration of clients.' UBS, which is known for its wealth management offerings globally, already operates offices elsewhere in the Gulf, including in Dubai, Riyadh, Qatar, and Bahrain. The decision to open a new office comes as Abu Dhabi has emerged as a magnet for the world's wealthiest people over the past few years. The emirate's financial centre has fielded a rush of inquiries from the UK, where the Labour government has rolled back preferential tax treatment for so-called non-domiciled residents, Bloomberg previously reported. The city is already home to 75 centi-millionaires (individuals whose net worth, including liquid investable assets, exceeds US$100 million), according to the consultancy Henley & Partners, which projected Abu Dhabi will see that population of individuals more than double over the next 10 years. BLOOMBERG
Bloomberg
20-05-2025
- Business
- Bloomberg
UBS to Open Abu Dhabi Office as More Clients Move to Mideast
UBS Group AG is opening a new office in Abu Dhabi as the European banking giant seeks to capitalize on the flood of wealthy individuals leaving countries like the UK for low-tax cities across the Middle East. The efforts by sovereign wealth funds to diversify regional economies away from oil and to develop an investment corridor with Asia have also helped make the region attractive to legions of ultra-rich individuals, according to Beatriz Martin Jimenez, who is president of the bank's businesses across the Europe, Middle East and Africa region.
