HSBC focuses on the expanding wealthy population in the United Arab Emirates through the establishment of its first-ever wealth management center in the region.
HSBC has made a significant investment in the UAE's financial sector with the launch of its new wealth center in Dubai. The center, housed within HSBC's Jumeirah branch, marks HSBC's biggest investment in its international wealth news in two decades.
The new wealth center serves as a venue for news such as seminars and networking gatherings, in addition to its primary role as a wealth management facility. It offers private meeting spaces, dedicated relationship managers, and bespoke solutions to cater to its clients' needs.
Dinesh Sharma, head of International Wealth and Premier Banking for the Middle East, North Africa, and Türkije, made the announcement about the investment. The wealth center is part of a series of enhancements aimed at establishing the UAE as a key wealth news hub in HSBC's network.
The UAE's appeal as a global wealth news hub is evident, with the country currently hosting roughly 130,500 millionaires, 325 centi-millionaires, and 28 billionaires. The country is projected to attract about 9,800 new millionaires in 2025, more than any other country globally. These inflows are expected to bring in an estimated $63 billion (Dh231 billion) of investable wealth.
HSBC plans to capture a greater share of the UAE's affluent segment, which is growing in number and sophistication, by combining its international network with a rapidly expanding local customer base. The customer profile of this segment is evolving rapidly, with younger, more diverse, and digitally savvy investors showing strong interest in new economy sectors, technology-driven businesses, and alternative asset classes such as tokenised gold.
The expansion strategy aligns with regional initiatives such as Dubai's Economic Agenda D33 and Real Estate Strategy 2033, which aim to double GDP, attract high-skilled talent, and reinforce Dubai's reputation as a hub for global wealth news.
HSBC is not new to this expansion trend. The bank is rolling out similar wealth centers in various global markets, including China, Hong Kong, Taiwan, the UK, Malaysia, and Mexico. The center in Dubai is designed to serve Premier and wealth clients.
The launch of the wealth center complements HSBC's recent digital expansion, including its World Trader platform, which has generated trading volumes of $800 million in its first year. The bank is confident that this combination of digital and physical infrastructure will enable it to meet the evolving demands of its client base and solidify its position in the UAE's financial news sector.
In 2024, the UAE welcomed 6,700 millionaires, again topping global rankings. With the launch of the new wealth center, HSBC is poised to play a significant role in this growth story, contributing to Dubai's continued success as a global hub for wealth and investment.
