DBS Bank, a major Asian lender based in Singapore, has announced plans to expand its presence in Dubai, utilizing the emirate as a hub to enhance access to other markets in the Middle East and Africa region. Piyush Gupta, the group chief executive, stated that the bank is reviewing business strategies to strengthen its position in Dubai, which serves as a commercial and trading hub.
With a focus on the south-south corridors connecting the Middle East, Africa, and Asia, Gupta highlighted Dubai's advantageous location for centering activities and tapping into opportunities in wealth management and various corridors, including East Africa and Saudi Arabia.
DBS aims to leverage its presence in Dubai to capture the potential of trade and capital flows in the wider region. Many financial institutions, including banks and hedge funds, are also looking to expand in Dubai and utilize it as a base to access business in other regional markets.
The Dubai International Financial Centre, with its strong connectivity and ease of trade, is an attractive destination for financial institutions, hosting top global banks, financial institutions, and insurance companies.
DBS has been operating in the DIFC since 2006 and offers a range of wholesale banking products and services, including corporate and investment banking, treasury management, and global transaction services.
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