Despite Dubai being the favourite financial hub for both banks and investors in the UAE, the emerging offshore banking centre in Abu Dhabi could become just as prominent, ABN AMRO’s country executive, Rob Broedelet, exclusively told Private Banker International.
"The financial hub in the middle east is Dubai. However, it is my belief that the new offshore banking set up in Abu Dhabi will be equally successful over time," Broedelet said.
Abu Dhabi maintained its position as one of the most risk adverse economies in the credit market, and the most capable country to meet its financial obligations during the second quarter of 2013 – ranking among the top 20 of the world economy’s credit list, the Department of Finance reported.
According to our sister company WealthInsight, the Abu Dhabi market has improved over the past 9 months, following three years of negative growth in the city. It is the wealthiest emirate of the UAE and accounts for over 50% of UAE’s GDP.
Even though most multi-millionaires in the UAE live in Dubai, there is a clear split between the attractions of the two emirates. Although Dubai is home to 59% of UAE multi-millionaires, Abu Dhabi still has 26%of total UHNWIs in the region in 2012, with a total of 161 UHNWIs.
For a full overview on the private banking and wealth management industry in the UAE click here.