Skip to content Skip to Search
Skip navigation

South Africa’s Investec joins financial giants in DIFC

By Pramod Kumar
Through its Dubai office Investec will target high-net-worth clients, family offices and financial institutions across the Gulf region Dubai Tourism
Through its Dubai office Investec will target high-net-worth clients, family offices and financial institutions across the Gulf region

South African bank Investec has joined the growing list of global financial institutions operating from the Dubai International Financial Centre (DIFC).

Through its Dubai office, the lender will target high-net-worth clients, family offices and financial institutions across the Gulf region.

The bank will provide advisory and arranging services in private banking, wealth and investment management, as well as corporate and investment banking.

Additionally, regional clients will have access to Swiss banking services, the lender said in a statement.

Cumesh Moodliar, CEO of Investec Bank, said that the bank sees a sustained emergence of high-net-worth individuals in Dubai and the Gulf as the region offers connectivity, quality services and growth opportunities for domestic and international companies.

“This reflects the increasing importance of the region for the global economy and the ambitious growth agenda of these markets,” he said.

Investec can use Dubai as a gateway to more than $3 trillion of private wealth within an hour’s flight, said Salmaan Jaffery, chief business development officer of DIFC Authority.

Last month the private banking arm of Spain’s Santander opened an office in the DIFC.

Investec’s major markets are South Africa, the UK, the US, Ireland, the Channel Islands, Mauritius, India and Continental Europe.

The DIFC is home to 230 banks, more than 400 wealth and asset managers, and 13 of the world’s top 100 hedge funds. 

Latest articles

Gulf airlines, Gulf airlines conflict, Gulf conflict risk, Gulf flights cancelled rerouted

Conflict risk leads Gulf airlines to cancel regional routes

Gulf airlines are among airlines that have cancelled and rerouted flights across the Middle East as the conflict between Iran and Israel escalates. They are avoiding Iranian airspace and many have cancelled routes entirely following a major missile attack by Iran against Israel on Tuesday. Immediately after the attacks about 80 flights operated by carriers […]

Taaleem's schools offer 'exclusive educational experiences' including access to high-tech equipment profits

Dubai school operator Taaleem increases profit by 55%

Dubai school operator Taaleem has reported revenue of AED945.2 million ($257.3 million) for its 2023-24 financial year – a 15.5 percent year-on-year increase. More student enrolments and the opening of new schools helped Taaleem to increase net profit before tax by 55 percent, to AED182 million, in the financial year ending August. Taaleem’s shares were […]

Workers stand on a scaffold in Dubai. Building a high rise in the UAE can be as much as two thirds cheaper than in other major cities

Apartments in UAE among cheapest to build in the world

Building a standard residential high-rise in Dubai or Abu Dhabi is up to two-thirds cheaper than in other major global cities, thanks to land, labour and raw materials all costing much less. Land is up to three times cheaper in the UAE compared with the prices paid in New York, London, Hong Kong and Singapore […]

Despite challenges to the economy, Kuwait's bank sector remained resilient, the country's central bank says

Kuwait’s economy holds up against challenges, says central bank

Robust spending and “long-due” structural reforms expected to accelerate following “recent political developments” will help Kuwait’s economy overcome some challenges, according to the Central Bank of Kuwait (CBK). Kuwait faced multiple challenges in 2023 in the face of high inflation, rising global interest rates and bubbling geopolitical tensions in the region, according to CBK’s 12th […]