A number of Asia-based banks and wealth management institutions have set up shop in the Gulf.

WRISE Group has set up a Dubai subsidiary, adding to a trend of Asia and Singapore-based wealth firms that are beating a path to the Gulf.

The company has officially established WRISE Middle East, catering to the operational needs of ultra-high net worth individuals and their family offices in the United Arab Emirates and across the Middle East. WRISE obtained a Category 3C licence in 2022.

WRISE has appointed Dhruba Jyoti (DJ) Sengupta as chief executive, WRISE Middle East. Sengupta brings more than 25 years’ experience working in the financial industry across the Middle East and North Africa (Mena) region. He held senior positions in financial institutions such as Citibank, and most recently, he was CEO of a family office.

Several private banks and wealth managers originating in Singapore and other Asian nations have expanded into the Gulf. In 2016, Bank of Singapore achieved regulatory clearance to open a branch in the Dubai International Financial Centre; DBS opened a branch in the DIFC in 2006; and last year, Nomura said its international wealth management business was moving into new premises in the DIFC. 

WRISE said the UAE's economy “has been a beacon of light in today's volatile financial climate,” citing World Bank data showing that the UAE’s economy will grow by 3.7 per cent in 2024, up from its previous estimate of 3.4 per cent. 

"The UAE is set to see an increase of 24.6 per cent in the number of high net worth individuals by 2025," Derrick Tan, chairman, WRISE Group, said. (This news service has interviewed Tan about the business and its strategy.)

In other areas, the firm has pushed into the Japan market. Last November, it appointed Shigehiro Suzuki as market head of Japan.

The WRISE Group of companies include WRISE Wealth Management (Singapore), WeWrise Services, and Voo Technologies and affiliated companies WRISE Wealth Management (Hong Kong), and WRISE Wealth Management (Middle East).