The LGT banking group has opened its first set of offices in Dubai at the Dubai International Financial Centre (DIFC), one of the largest purpose-built business hubs in the Middle East.
LGT is based in Lichtenstein and has a prince from the land-locked European principality as it chief executive. Its services are related primarily to private banking and asset management.
The thinking behind setting up an office in Dubai and at the DIFC is that it should provide a worthwhile platform for LGT’s operations across the Eastern Mediterranean, Turkey, Africa and South Asia.
His Serene Highness Prince Max von und zu Liechtenstein officially opened the new offices during a recent ceremony and described the Middle East as representing one of the world’s most significant growth markets for private banks and asset management companies.
LGT has now officially established a subsidiary called LGT Middle East, which will be based from its new offices in Dubai but will work closely with others in Bahrain, Geneva and Zurich.
“Our objective, through the establishment of LGT Middle East, is to create a strong presence within the region with the Dubai office a central hub for family-focused private banking services,” LGT’s CEO said.
Meanwhile, Jeffrey Singer, chief executive of the DIFC Authority said: “We are pleased to welcome LGT Middle East to our community of financial and professional services firms.
“DIFC is not just a cornerstone of the Dubai and UAE economies, but is also the centre for attracting investment, supporting economic growth across the region, and enabling global capital flow.”
In related news, the Dubai-based Daman Investment company recently announced that its latest property development, a 15-storey office building in the DIFC, has been completed and is now officially open for business.
Editor’s notes: In 2023, the banking group continues to rent office space in the DIFC at The Gate Building.
Other high-profile occupiers at DIFC include Standard Chartered and McKinsey and Company.
LGT employs 4,900 people and operates in 25 countries including Australia, Austria, Hong Kong, Ireland, Japan, Liechtenstein, the Middle East, Switzerland, Singapore, Thailand, and the United Kingdom where it has offices in Bristol, Edinburgh, and London. The company also rents an office in Jersey.