The DIFC Authority has released its first ever annual report this week. Calm yourself, it’s largely a promotional document. However, nestled within this is some interesting info about which banks have been expanding.
The following companies have been expanding their offerings and presence in Dubai over the last year, suggests the report:
• ICICI Bank
• J.P. Morgan
• FFA Dubai
• Zurich Insurance Company
• Morgan Stanley
• Julius Baer
• Merrill Lynch (presumably wealth management)
Obviously, before you fire off your CV, it’s worth noting that it’s not all been about expansion for these firms. Nomura, for instance, closed its regional research team last year.
More promisingly, the following firms are (relatively) new entrants to the DIFC: BNP Paribas Wealth Management, Bank Vontobel, Paledin Capital, Jefferies, Attijariwafa Bank.
Interestingly, just 57% of the 12,000 people employed in the DIFC work for regulated companies – namely, those engaging in direct financial services activities. The remaining people work in either support services or retail.