Julius Baer is bullish on the Middle East as region outperforms global business

Julius Baer, one of the oldest Swiss private banks, expects its Middle East business to strengthen as it prepares to open another hub office in Qatar to further boost its operations in the region, its chief executive has said.

While the new operation in Qatar, which has the fourth highest GDP per capita income of countries globally, will be a boon for Julius Baer, the UAE remains its biggest market in the Middle East and its fourth-largest worldwide globally in terms of clients and assets.

The bank has “clear growth plans” for its operations in the Arab world’s second largest economy, whose strong performance drove the region to outperform the Zurich-based wealth manager’s business elsewhere in the world, Philipp Rickenbacher, told The National in an interview.

The UAE economy expanded by 8.4 per cent in the first quarter of this year and is set to grow in 2022 at the fastest pace since 2011.

“This region has grown over-proportionately, in comparison to the global Julius Baer network,” he said. "We experienced very strong growth, especially with the help of Dubai.”

He declined to give the percentage of growth.

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