Swiss and European Elite Clubs Make Their Move to Dubai
In a remarkable trend, high-profile European and Swiss clubs for the ultra-rich are increasingly making their way to the UAE.
3 min
This shift comes as Dubai solidifies its status as the favored destination for the world’s affluent, surpassing even Singapore. Renowned Swiss private banks are seizing this opportunity by significantly expanding their workforce, aiming to double or even triple their numbers, indicating the growing importance of the Gulf nation in the eyes of the global elite.
Changer Club: Fostering Innovation and Investment
Changer, a premier club for individuals of significant wealth, has recently focused its attention on Dubai’s business elite with the objective of forming a significant community that fosters connections with their European counterparts.
This move aligns with the expansion of prestigious Swiss banks like UBS and Lombard Odier their workforce, with UBS increasing its staff to over 200 and Lombard Odier aiming to double its workforce within three years to cater to the region’s ultra-rich. Observers anticipate that additional elite clubs and networks, like Changer, will soon enter the UAE, particularly Dubai, driven by the significant inflow of the world’s wealthy to this Gulf nation.
According to Henley & Partners, a global citizenship by investment consultancy, the UAE has experienced the largest net increase in millionaires, with 4,500 newcomers last year alone.
Changer is committed to promoting innovation and angel investments in Dubai. Known for its successful angel investment ventures in late-stage startups across Europe and the USA, Changer has reported impressive growth rates of 100 percent and above annually, even amidst market fluctuations.
The club has set its sights on turning the UAE’s millionaires into key angel investors. Jonas ROLO, the Chairman of Changer Club in the Middle East, mentioned that the organization’s objective in Dubai is to widen the outlooks of the area’s wealth creators. He explained that the Club intends to boost its members in the UAE by arranging for appearances from globally celebrated thinkers, renowned authors, and billionaires to provide keynote speeches.
The significance of the UAE to Changer, headquartered in Lausanne, Switzerland, is highlighted by the scheduling of four of its twelve major annual events in Dubai this year. These events aim to link Dubai’s intellectual business leaders with their European peers.
Changer’s initiatives are quickly bearing fruit, as evidenced by the rapid acquisition of 22 affluent members from the UAE and other Gulf countries within a few weeks, with a target to reach a hundred members from the GCC by the end of 2024. Membership in the Changer Club is highly exclusive, requiring not only a $10,000 annual fee but also a thorough reputation review, a minimum of $500,000 in liquid assets, and two referrals.
Dubai’s Rising Influence
The strategic entry of elite clubs like Changer into Dubai is more than just an expansion; it’s a testament to the city’s growing allure for global wealth creators.
By introducing a model that encourages intellectual growth and investment insight among the ultra-wealthy, these clubs are not only enhancing the local business elite’s global connections but are also poised to play a pivotal role in transitioning the region from an industrial to a knowledge-based economy.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Total income was higher by 10% year-on-year (YoY) at AED 300 million in the six-month period
2 min
United Arab Bank PJSC (UAB or “the Bank”) has announced its financial results for the six months ended 30th June 2024. UAB reported a net profit before tax of AED 152 million for H1 2024, a 26% increase compared to AED 121 million for H1 2023. The net profit after tax for H1 2024 stood at AED 139 million, up 15% from AED 121 million in the same period last year. Earnings per share rose to AED 0.07 in H1 2024 from AED 0.06 in H1 2023.
Total income increased by 10% year-on-year to AED 300 million for H1 2024, compared to AED 273 million for H1 2023, driven by a 26% increase in net interest income. The Bank’s capital position remains strong with a CET1 ratio of 13% and a total capital adequacy ratio (CAR) of 18%.
UAB‘s liquidity profile is robust, with advances to stable resources ratio of 75% and an eligible liquid asset ratio of 19%, both comfortably above regulatory thresholds. The Bank’s credit ratings were affirmed by Fitch and Moody’s at BBB+/Ba1, with stable and positive outlooks respectively.
UAB’s performance in the first half of 2024 demonstrates significant growth in total assets, increasing by 12% compared to December 2023, and reflects a strategic focus on quality and farsighted risk management. These results indicate that the Bank is well-positioned to continue its growth trajectory.
Commenting on the Bank’s performance, H.H. Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: “UAB’s strong performance in the first half of 2024 reflects the successful implementation of our growth strategy and reinforces our commitment to delivering sustainable value to our shareholders. We are confident that our prudent business model shall continue to deliver a solid performance and deal with the opportunities and challenges that will present themselves.”
He added: “As we move ahead into the second half of the year, we remain committed to enhancing our customers’ banking experience and contributing to the growth and prosperity of the UAE’s economy.
Shirish Bhide, Chief Executive Officer of United Arab Bank, commented: Our customer-centric approach and sustainable growth model has led to a 15% increase in net profit and a 12% growth in total assets. Our positive performance is a testament to the successful execution of our strategic priorities and clear evidence of the success of the many initiatives that have been implemented at the Bank. Going forward, we will continue investing in our growth strategy and digital capabilities, while equally focusing on developing innovative products and services that meet our customers aspirations whilst upholding the highest standards of compliance and internal controls.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
