Swiss wealth management firm opens Dubai offices

Swiss La Cloche Wealth Management (LCWM) has established new offices at the Dubai International Financial Center (DIFC) in efforts to expand its foothold in the GCC region.

“We established our offices in DIFC to enable us to be at the heart of the financial sector in the UAE and the GCC as a whole,” Manal al-Omari, CEO at LCWM said in released statements.

The financial company is part of the La Cloche Group, which has over 40 years of experience through its workforce. It now has access to various key banks in Dubai, Singapore, and Switzerland.

“We are delighted to welcome La Cloche Wealth Management to DIFC, the natural gateway between the region and the world’s capital markets, to launch their regional operations,” Jeffrey H. Singer, CEO of DIFC Authority said.

DIFC, the Middle East’s top banking hub, reported double-digit growth rates in 2013, attracting more companies from Asia and other emerging markets, Reuters reported last week.

The number of active companies registered in DIFC reached 1,039 in 2013, a 41 percent increase from the year before. Total employment also increased by 11 percent, taking the total staff number up to 15,600, Reuters added.

The financial center has announced expansion plans worth $4 billion as occupancy rates in core office buildings owned or managed by DIFC are now close to 100 percent.