In an exclusive interview, Farzad Billimoria, Head of Barclays Private Bank, UAE, shares his perspectives on the evolution of the the wealth landscape in the Middle East, the changing needs of high-net-worth and ultra-high-net-worth clients, and how Barclays is leveraging its global network and One Barclays capabilities to support clients across increasingly complex and interconnected markets.
Middle Eastern hubs have been constantly in the headlines in recent years as major competitors alongside other existing traditional financial centers. What has caused this emergence to occur, particularly in the context of private banking? Without naming specifics, many other jurisdictions have expressed similar ambitions with limited success. What makes the Middle East different?
What’s happening in the Middle East is not simply a rebalancing of global wealth flows, it is a structural repositioning of where decisions get made.
For many years, the region was seen as a conduit for capital. Today, it is increasingly where capital is anchored – where families choose to reside, structure ownership, and define long-term intent. That shift reflects more than favourable conditions; it reflects trust.
The UAE, particularly, has reached an inflection point where regulatory clarity, political stability and global connectivity have converged in a way that few other jurisdictions have achieved simultaneously. Centres like DIFC and ADGM have not just attracted capital, they have institutionalised it, giving clients the confidence to base governance, treasury and succession planning locally.
“The Middle East is no longer a market where wealth simply passes through – it is where capital is being anchored, structured and grown with long term intent. Our role is to bring clarity, discipline and global perspective to that point of decision, helping clients translate opportunity into enduring legacy.”
What distinguishes the Middle East is that ambition has been accompanied by execution. And in private banking, that distinction matters: this is no longer a market wealth passes through, it is one where it is deliberately structured and grown.
Is private banking in the Middle East all about Dubai? What is your view on other hubs in the region, like Abu Dhabi or Riyadh? What are some of the differentiators the different hubs have, if any? How can they be complementary to each other? What is your view on geopolitical risks in the region and its impact on private banking?
The Middle East is increasingly being viewed through the lens of a connected ecosystem, rather than a single centre. What is emerging is a network of complementary hubs, each contributing to the depth and resilience of the region as a whole.
Dubai remains an important gateway, particularly for internationally mobile clients and institutions, with the infrastructure and connectivity that enable capital and talent to move seamlessly. But the broader picture is one of expanding capability across the region.
Abu Dhabi, for example, continues to deepen its role as a centre for institutional capital, supported by sovereign investment activity and a growing financial ecosystem. Saudi Arabia adds further momentum, with large-scale economic transformation, investment in future-facing sectors, and a strengthening domestic market.
Taken together, this reflects a region that is maturing in multiple dimensions at once, rather than converging on a single model.
From a client perspective, this creates both opportunity and complexity. Capital is no longer being directed to a single destination, but rather positioned across a network of markets, each with its own role within a broader strategy.
Geopolitical considerations are part of that reality, as they are in any global wealth market. The focus, increasingly, is on helping clients navigate that environment with discipline, through diversification, long-term positioning and a measured approach to risk, rather than reacting to short-term developments.
In terms of the client market, what is the landscape like in the Middle East? Is there a good mix of HNW and UHNW clients? Are there many EAMs or single family offices? What are some common client needs and the sophistication levels of these various segments?
If there is one defining feature of the Middle East client landscape, it is complexity. Clients are often globally mobile, structurally diversified and institutionally aware. Many operate across multiple jurisdictions and maintain relationships with several financial partners.
This has changed the nature of expectation.
At the upper end, the shift towards family office-style thinking is unmistakable. Clients are less focused on individual products and more on how their overall balance sheet is managed, across investments, liquidity, governance, and intergenerational transfer.
At the same time, the next tier of HNW clients is evolving quickly, bringing with it a different set of demands – greater transparency, digital fluency, and speed of execution.
Yet across segments, the underlying ask is remarkably consistent: advice that joins the dots – across jurisdictions, across asset classes, and increasingly across generations.
Can you share some views about the source of wealth from local clients in the Middle East? What are some common profiles or sectors? In terms of inflows from outside of the Middle East, can you share some views about common corridors such as India?
The sources of wealth in the region reflect both legacy and momentum. Established sectors such as real estate and trade continue to feature prominently, but they now sit alongside technology-driven enterprises and increasingly sophisticated investment holdings.
Just as notable is the generational shift underway. Many first-generation entrepreneurs are transitioning from wealth creation to wealth preservation – placing greater emphasis on governance, succession and the formalisation of family structures.
Overlaying this is the region’s position within global wealth corridors. The UAE-India axis, in particular, has deepened significantly, with the UAE emerging as a preferred hub for Indian wealth. More broadly, the Middle East continues to attract globally mobile capital, reinforcing its position not just as a destination, but as a node within a wider international network of wealth.
In terms of the market of private banks, do you have some views or insights about the competitive landscape locally? Is there a good mix of domestic and international players? Is multi-banking also a common practice in the Middle East? Is the market crowded or is there still much room for growth and new entrants?
Private banking in the Middle East is undeniably competitive, particularly at the UHNW end where clients are both sophisticated and selective. Multi-banking is the norm rather than the exception, reflecting the breadth of client needs across jurisdictions and capabilities.
The market is far from saturated, with the depth of opportunity still unfolding.
What differentiates institutions here is less about presence and more about relevance, whether they can combine local commitment with genuinely global capability, and translate that into advice that feels both connected and coherent.
What is Barclays Private Bank’s offering in the Middle East? Are there any client segments you are specifically targeting? How does the bank leverage its global capabilities and network to serve clients in the region?
As the Middle East develops into a more sophisticated and interconnected wealth market, clients increasingly expect advice that reflects the full breadth of their personal, family, and business interests. For Barclays, the priority is to bring those dimensions together through a model that is locally relevant, internationally connected and institutionally deep.
That connectivity is particularly important in a region where wealth is inherently cross-border. Families and entrepreneurs often operate across multiple markets, with business interests, governance structures and investment portfolios spanning jurisdictions. Serving them well requires coordinated access to advice, execution, and institutional insight.
In the Middle East, Barclays is anchored by a private banking advisory network that connects clients to key international hubs including London, Zurich, Geneva and Dubai, complemented by booking capabilities across the UK and Europe, with the Singapore booking centre expected to be fully operational this year.
This is strengthened by our ability to engage key corridors such as India, supported by on-the-ground presence and global connectivity, as well as through One Barclays, bringing together the Private Bank, Corporate Bank, and Investment Bank’s capabilities to deliver a more integrated perspective across clients’ personal and business needs.
Ultimately, the bank’s role is to provide a consistent layer of perspective across what is becoming an increasingly multi-dimensional landscape: helping clients navigate complexity with clarity, while staying anchored to long-term objectives. The result is a proposition defined not by geography alone, but by the ability to connect the right expertise around the client.
