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Private vaults fill the gap as banks abandon deposit boxes

By Joel Barrick, Shruthi Nair
  • Traditional banks are moving away from safety deposit box provision
  • Private firms such as Dubai’s Vintage Vaults offer an alternative
  • Customers include HNWIs, tourists and corporate clients

Private vaults in Dubai are emerging to take the place of the safety deposit boxes once provided by traditional banks.

Costs, concerns over legal liability and the rise of online banking have made providing safety deposit boxes less appealing for banking giants. Capital One, HSBC, Barclays and JPMorgan Chase have all withdrawn from the market.

Dubai is recognised as a safe country – Dubai Police figures show that in 2021 it recorded 1.6 robberies per 100,000 people, compared with 60.9 in the US in the same period, according to Statista.

Theft and burglary numbers are also low in the emirate.

Nonetheless, people still want to keep their valuables secure, whether they are wealthy residents or tourists who want to keep items safe while they visit.

Enter Vintage Vaults, based in Dubai’s Mall of the Emirates. Co-founder Sherif El Haddad said some people use its private vaults service to store gold they have bought in Dubai until they fly back home.

Watch the video as AGBI takes an exclusive look inside the vaults in the heart of Dubai.

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