Private banks are becoming Dubai’s new ambassadors. To persuade the world’s wealthiest individuals to settle in the emirate, the authorities are relying on the international networks of leading wealth management firms. The Dubai Department of Economy and Tourism (DET) has announced a strategic partnership with Julius Baer (Middle East) Ltd., the regional subsidiary of the Swiss private bank. The aim is to harness the bank’s global network to support investors, entrepreneurs, family offices and private clients who are considering establishing or expanding their businesses in Dubai.
This initiative forms part of the D33 economic strategy, which aims to strengthen Dubai’s position as a global hub for private wealth and long-term investment. The authorities hope to channel the growing interest from international investors into actual business set-ups and new capital inflows.
“Dubai’s continued growth as a global centre for wealth management and investment reflects visionary governance, stable public policies and long-term economic planning,” says Hadi Badri, chief executive officer of the Dubai Economic Development Corporation (DEDC), the economic arm of the DET. According to him, the partnership with Julius Baer will help translate international investors’ interest into concrete plans to set up operations.
For Julius Baer, this partnership forms part of its long-standing presence in the emirate. “We are seeing sustained and growing interest in Dubai amongst our international clientele. Whilst the regional and international geopolitical context adds a degree of complexity for investors, it also reinforces Dubai’s position as a destination offering stability, institutional credibility and a long-term economic vision,” says Rahul Malhotra, the group’s head of Emerging Markets.
The Swiss private bank also has a strong presence in Luxembourg. Bank Julius Baer Europe SA, based in Kirchberg, serves as the group’s European hub. From the Grand Duchy, Julius Baer conducts its banking activities within the European Union and coordinates several of its European offices, making Luxembourg one of the group’s main gateways to the European market. Globally, Julius Baer operates in more than 25 countries and across some 60 locations. At the end of June 2026, the group managed 547bn Swiss francs in assets, according to the figures released.
The Dubai authorities are also highlighting the rapid growth of their wealth management ecosystem. According to data from the Dubai International Financial Centre (DIFC), the financial centre was home to 1,289 family-related entities by the end of 2025, representing an annual increase of 61%. Families had also set up 1,115 foundations there, up 66% on the previous year. Finally, the emirate highlights several indicators designed to reinforce its appeal. Dubai claims to have ranked first in the world for greenfield foreign direct investment projects for the fifth consecutive year.
