South African financial institution Investec has announced the opening of a new office in the Dubai International Financial Centre (DIFC), aiming to tap into the region’s substantial wealth held by affluent families and individuals. The DIFC has become a magnet for global banks, asset managers, and hedge funds, attracting increasing interest from South African firms seeking safe investment environments and favorable political conditions. This strategic move aligns with a broader trend of South African entities exploring opportunities in Dubai as they look for reliable financial havens.
Investec’s new office will provide a range of advisory and arranging services, including private banking, wealth and investment management, as well as corporate and investment banking. Cumesh Moodliar, CEO of Investec Bank Limited, emphasized the growing presence of high-net-worth individuals in Dubai and the Gulf region, noting that it offers excellent connectivity, quality services, and growth potential for both domestic and international enterprises. This development reflects Investec’s commitment to expanding its footprint in the Middle East.
By establishing its presence in the DIFC, Investec aims to leverage Dubai as a strategic gateway to access over $3 trillion in private wealth located within a short flight distance. Salmaan Jaffery, Chief Business Development Officer of DIFC Authority, highlighted the potential for Investec to benefit from this wealth pool. Currently, the Investec DIFC office has a small team of two members, but plans are in place to expand staffing as business opportunities in the region grow.
