An increasing number of Asian wealth managers are establishing operations in Dubai, driven by the improved diplomatic relations between China and the Middle East. This change is driven by a growing interest among clients to spread out their investments. Dubai has become the preferred destination for entrepreneurs and wealthy families from Asia, especially China, because of its favorable policies and opportunities to expand businesses.

One key player in this shift is Noah Holdings, a major Chinese wealth manager overseeing about $23 billion in client assets. Led by Chief Financial Officer Qing Pan, the company plans to obtain a business license in Dubai by the end of this year. This move is strategic, aiming to assist Chinese entrepreneurs entering the Middle Eastern market. Pan emphasizes Noah’s commitment to aligning with clients’ wealth growth, making it necessary to have a presence in Dubai to manage locally generated wealth. The Middle East’s growing importance for Beijing, along with its post-COVID economic recovery, politically neutral stance, business-friendly environment, and tax-free status, has attracted many wealthy individuals to the region. Formerly, Hong Kong and Singapore were key for offshore wealth; now, clients explore new markets. Despite a global high-net-worth individual (HNWI) decline in 2022, the Middle East witnessed a 2.8% HNWI increase. Firms like Farro Capital and Tsang Group establish Dubai offices to tap into its growing wealth and investments, driven by geopolitics and Dubai’s incentives, including the ‘golden visa’ system.