March 14, 2025 – Dubai
Standard Chartered is enhancing its private banking offerings in the UAE by launching an exclusive wealth management facility in Dubai. This new center aims to cater specifically to affluent clients—those with assets ranging from $1 million to $10 million—by providing personalized financial services and global investment access.
Expanding Priority Private in EMEA
The new “Priority Private” center marks the first of its kind for the bank across the Middle East, Europe, and Africa (EMEA) regions. While similar centers already operate in financial hubs such as Hong Kong, India, and Singapore, Dubai presents a distinctive opportunity, noted Rajesh Kannan, Standard Chartered’s Managing Director and Head of Wealth and Retail Banking in the UAE.
According to Kannan, while Singapore’s facility serves clients from around 30 nationalities, Dubai’s center reflects the emirate’s exceptional diversity, hosting clients from over 125 nationalities.
The UAE’s Rising Wealth Landscape
The UAE’s economic indicators highlight its growing affluence. The country saw a 14.4% increase in private bank deposits and a 9.5% rise in credit, surpassing overall economic growth, according to the UAE Central Bank.
This growth stems from both wealthy residents and high-net-worth expatriates attracted by the UAE’s business-friendly environment, legal stability, and zero income tax policy, Kannan explained.
Catering to ‘Global Indians’ and International Investors
A significant portion of the UAE’s expat wealth comes from Indians, the country’s largest foreign community. Approximately nine million Indians live in the Gulf, many of whom traditionally identify as Non-Resident Indians (NRIs) with strong ties to India.
However, Standard Chartered is now seeing a shift among wealthier members of this group. The bank refers to this evolving segment as “Global Indians”—individuals who maintain cultural and familial ties to India but seek diversified, international investment strategies. Kannan emphasized that the bank’s role is to help these clients go beyond domestic investments and explore global financial opportunities.
This approach is also being extended to other nationalities in the UAE who seek global wealth management support.
Banking as a Magnet for Migration
According to Jeremy Savory, CEO of Savory & Partners, premium banking services are a key consideration for affluent individuals when choosing a new home country. The UAE’s advanced banking sector plays a crucial role in attracting international high-net-worth individuals.
“In the last six months alone, we’ve seen a marked uptick in inquiries from British nationals looking to relocate, with banking infrastructure being a primary influence,” Savory noted.
