The family-office sector in the Middle East has become increasingly important in recent years, with more and more local and international family offices setting up in Dubai and Abu Dhabi.
For those banks that tailor their offering to the growing demand, the opportunity is significant. Euromoney’s winner in this category, Mashreq Private Banking, has done just that.
The bank is the UAE’s oldest privately owned bank, but its family-office offering is relatively new, having been formally launched in 2020 to serve family institutions with more than $50 million in investable assets.
It has since catered to the region’s growing number of ultra-high net-worth family businesses with services and products focused on funding, wealth generation and protection and advisory.
It has done this by leveraging its network, particularly in the UAE.
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