Middle East Wealth and Private Banking: Entering a Special New Phase

Structural and demographic changes in the Middle Eastern wealth market have implications for wealth management participants.

Boston, February 20, 2020 – The banking market in the Middle East and North Africa is fragmented and crowded. The onshore wealth management industry’s product and service offerings are still nascent, though leading banks in the region have expended tremendous resources to establish and enhance their private banking and wealth management capabilities and to compete against the international firms that have cornered this market segment. Can private bank divisions of local retail and commercial banks profit from an impending wealth transfer and capture wallet share from soon-to-be-beneficiary investors?

This Impact Report explores the state of the Middle Eastern wealth management market in depth and uncovers the prospects and challenges associated with it. It is based on 15 primary interviews with wealth management practitioners and technology vendors in the U.K., Switzerland, Luxembourg, Abu Dhabi, and Dubai in December 2019 and January 2020, and it is supplemented by desk-based secondary research.

This 49-page Impact Report contains six figures and 13 tables. Clients of Aite Group’s Wealth Management service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Abraaj Group, Abu Dhabi Commercial Bank, Abu Dhabi Global Market, Abu Dhabi Islamic Bank, additiv, Ahli United Bank, Al Hilal Bank, Al Rajhi Bank, Alawwal Bank, Alinma Bank, Alizz Islamic Bank, Amazon, Apple, Aqeed, Arab Bank, Argo Ventures, Avaloq, Bahrain Islamic Bank, Bank ABC, Bank Muscat, Bank of Singapore, Banque du Liban, Barclays Private Bank, Barwa Bank, Beehive, Bill & Melinda Gates Foundation, BitOasis, BLOM Bank, Bloomberg, BNP Paribas, CapGemini, Central Bank of Bahrain, chime, Choueiri Group, Citi Private Bank, Commercial International Bank, Credit Suisse, Denizbank, Deutsche Bank, Dtec Ventures, Dubai Financial Services Authority, Dubai International Financial Center, Dubai Islamic Bank, EdgeVerve, Egyptian Stock Exchange, Emirates NBD, Eureeca, Falcon Private Bank, Fawry, Fenergo, FFA Private Bank, First Abu Dhabi Bank, First Gulf Bank, FIS, Google, Gulf International Bank, HalalaH, HedgeGuard, HSBC Private Bank, HyperPay, ICICI Bank, Indosuez, Infosys, Intellect Global Transaction Banking, Interactive Brokers LLC, International Bank of Qatar, JP Morgan Private Bank, Julius Baer, Kasisto, KPMG, Kuwait Finance House, Liechtensteinische Landesbank, Lombard Odier, London Stock Exchange, Madfooat, MAGNiTT, Mashreq Bank, Middle East Venture Partners, Miles Software, MIZA Financial Services, Mohammed bin Rashid Fund for SME, monzo, Mulverhill Associates, N26, National Bank of Abu Dhabi, National Bank of Bahrain, National Bank of Kuwait, National Commercial Bank, NBK Capital, Neo Technologies, Network International, Noor Bank, PayTabs, POSRocket, Precinct Partners, Qatar Central Bank, Qatar Financial Center, Qatar National Bank, QCENTRIS, Receet, RegLab, Revolut, Riyad Bank, RTF, Samba Financial Group, Saned, Sarwa, Saudi Arabian Monetary Authority, Saudi Aramco, Saudi British Bank, Saudi Investment Bank, Solfeh, Souqalmal, Standard Chartered Private Bank, STC Ventures, Tarabut Gateway, Tata Consulting Services, Temenos, UBS, Union National Bank, Wahed Invest, Wamda Capital, Wipro, World Bank, and Yallacompare.

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