New York-based Citi has confirmed it is opening Citigold and Citi Private Client units in Dubai later this month.
The new advisory centres will be staffed by 35 relationship managers and portfolio counselors to serve high net worth customers in the UAE.
The move reflects an increasing demand for onshore wealth management across the GCC, led by Dubai. Bank of Singapore now employs around 50 relationship managers at its branch in Dubai.
Both banks have confirmed rising demand particularly from non-resident Indian clients who have been domiciled longer-term in the Middle East.