Arab Bank Switzerland launches wealth management firm in Dubai
Arab Bank Switzerland has established a regulated wealth management entity in the Dubai International Financial Centre (DIFC), marking a new step in the Geneva-headquartered private banking group’s expansion across the Middle East.
The new company, ABS (Middle East) Limited, is designed to serve entrepreneurs, family offices, and high-net-worth individuals in the UAE and the wider region. The launch adds another international wealth management name to DIFC’s growing financial services ecosystem, which continues to attract firms targeting regional private capital.
To lead the business, Arab Bank Switzerland has appointed Samir Atitallah as chief executive officer of ABS (Middle East) Limited. Atitallah will oversee the firm’s development and position the business around the bank’s Swiss private banking offering and its existing client relationships in the Middle East.
The company has also named Michel Sarfati as head of family offices. Sarfati previously built the family office segment within the investment banking division at First Abu Dhabi Bank, bringing regional experience to the new platform.
Arab Bank Switzerland said the Dubai expansion is part of a wider growth strategy for the ABS Group, which manages nearly US$25 billion in assets. The group provides wealth management, corporate and trade finance, and digital asset services, reflecting a broader service mix beyond traditional private banking.
The firm’s move into DIFC comes as Dubai continues to strengthen its position as a hub for wealth and asset management. The centre has become an important base for international financial institutions seeking access to investors and families across the Gulf and beyond.
Arif Amiri, CEO of the DIFC Authority, said the bank’s heritage in Swiss private banking and its regional ties would add depth to the centre’s expanding wealth management landscape.
Samir Atitallah said the new entity aims to build a distinctive wealth management business by combining the discipline of Swiss private banking with an understanding of the investors shaping the future of the Middle East.
The latest launch also follows Arab Bank Switzerland’s 2022 acquisition of Swiss private bank Gonet, which has helped the group strengthen its capabilities across both traditional and digital financial services.
Industry Analysis
Arab Bank Switzerland’s entry into DIFC reflects continued competition among international private banks for affluent clients in the UAE and wider region. Dubai’s role as a financial centre remains attractive for wealth managers seeking proximity to entrepreneurs, family offices, and cross-border capital flows.
At the same time, the addition of executives with regional family office and private banking experience suggests that firms entering the market are looking to combine global banking heritage with local client knowledge. For DIFC, the move supports its position as a preferred location for wealth management firms expanding in the Middle East.
