Singapore’s DBS bank sees Dubai as hub for Mideast expansion
Both Dubai and Abu Dhabi have emerged as attractive bases for hedge funds and investment banks because of the ease of doing business and low taxes
The Marina Bay Sands resort stands out against Singapore's skyline ( Getty Images)
Singapore’s DBS Group Holdings, the largest bank in Southeast Asia, is spreading its wings and eyeing Dubai as a springboard for expanding activities in the Middle East.
“There’s an opportunity to scale it up,” CEO Piyush Gupta told Bloomberg during an interview in the UAE financial center this week. “We’re revisiting the thesis that there is real opportunity to do more stuff out of Dubai and this region.”
Both Dubai and Abu Dhabi have emerged as attractive bases in the MENA region for hedge funds, investment banks and other financial firms.
International businesses appreciate the ease of doing business in the UAE, the low taxes and the Gulf state’s position as an international travel hub.
GoldenTree Asset Management and Millennium Management are among the New York-based hedge funds that have recently set up shop in Dubai.
Singapore’s $288 billion Temasek sovereign wealth fund has also made several co-investments with Mubadala and other UAE institutions.