New Dubai office expected to help bank tap into impressive regional growth. UBS has been given permission to set up shop in Dubai's International Financial Centre (DIFC) to serve high-wealth families and institutions in the Gulf region of the Middle East.

The Swiss bank plans to open a branch office in the DIFC before 2007 focused on wealth management, investment banking and asset management, UBS' three core businesses.

The emirate of Dubai is part of the United Arab Emirates.

World wealth

"We are delighted with the news that we now have permission to open a branch here and look forward to assisting our clients in making the most of the exciting opportunities which the UAE and wider Gulf region have to offer during this time of impressive growth and expansion," says John Fraser, Chairman and CEO of UBS Global Asset Management, and also Chairman of the UBS Middle East Co-ordination Committee.

The Middles East is one of the fastest-growing private-wealth markets in the world. In 2005 the number of U.S.-dollar millionaires in the region increased 9.8% over 2004 levels to about 300,000, according to the most recent Capgemini and Merrill Lynch World Wealth Report. Total assets held by Middle East-based millionaires increased 19.7% to about $1.2 trillion. Meanwhile North America and Asia Pacific saw respective millionaire-population growth rates of 6.9% (to 2.9 million) and 7.3% (to 2.4 million) and respective millionaire-held asset growth of 9.4% (to $10.2 trillion) and 8.0% (to $7.6 trillion).

The move enables UBS "to expand its current business and help achieve its goal of becoming one of the region's leading financial services providers in this growing market," according to a UBS press release.

UBS already has more than 200 staffers in or otherwise dedicated to the Middle Eastern market, 65 of them in the gulf region. -FWR

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