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The new office will be opened by its offshore wealth management arm, Barclays International, and will offer UAE investors with US$200,000 or more to invest a comprehensive banking and investment advisory service.
The office opening is part of Barclays strategic expansion into key international markets, of which the UAE has been identified as a crucial growth area. It follows Barclays International's expansion into a similarly bustling business centre, Hong Kong, earlier this year.
Barclays International Premier is the first personal investment unit in Dubai to provide a selection of sophisticated products and services to clients with a minimum of US$200,000 to invest - this service is normally reserved for private bank clients.
Clients will be able to benefit from the security of Barclays, the tenth largest bank in the world by market capitalisation, with assets under management of nearly £700 billion and a reputation built over 300 years.
Adrian Crichton, Director of Barclays International Personal and Premier explained, 'Launching this new service ties in with the Barclays Group strategy to increase the proportion of income that it generates from operations outside of the UK and to grow its global wealth business. Dubai was identified as an ideal market to launch this service as it is a growing city, which is home to an ever-increasing number of sophisticated business people who want the best money management they can access.'
The bank also unveiled consumer qualitative research, which highlights low levels of customer satisfaction with wealth management banking.
David Inglesfield, Head of Barclays International Premier in the UAE commented, 'The UAE is widely recognized as one of the key financial centers in the world. With the amount of capital that is based here and the level of investment that is occurring in so many different sectors, it made sense to us to establish a firm base here.
'The data we uncovered from our recent survey into people's wealth management needs revealed what people in the UAE want from a wealth management organization. We have used these market insights to help us formulate the new dedicated, UAE-based offshore banking service - Barclays International Premier, which we have launched here today,' said Mr Inglesfield.
The service offered to those who bring their business to Barclays International Premier is designed to be differentiated from others already available in the market and will benefit from relationship managers on the ground in the UAE with their accounts booked in Geneva through Barclays Bank (Suisse) S.A., which has a market leading operations system.
David Inglesfield explained, 'Clients in the UAE will benefit from the highest possible standards of personal service and local insight from a team of professionally qualified relationship managers based in Dubai, who in turn have access to a wealth of knowledge from Geneva based product experts.'
'Other advantages of the new service include access to more competitive deposit rates, and professional advice on a very wide range of longer terms savings and investment strategies, using the world's best products and providers - the service is not limited to Barclays own product range.'
Barclays provides banking services to more than one million affluent and high net worth clients around the globe and now operates four businesses in the UAE - Barclays UAE for Business Banking and in 2005 will provide Retail Banking, Barclays Capital for Investment Banking, Barclays Private Bank and Barclays International.
The office opening is part of Barclays strategic expansion into key international markets, of which the UAE has been identified as a crucial growth area. It follows Barclays International's expansion into a similarly bustling business centre, Hong Kong, earlier this year.
Barclays International Premier is the first personal investment unit in Dubai to provide a selection of sophisticated products and services to clients with a minimum of US$200,000 to invest - this service is normally reserved for private bank clients.
Clients will be able to benefit from the security of Barclays, the tenth largest bank in the world by market capitalisation, with assets under management of nearly £700 billion and a reputation built over 300 years.
Adrian Crichton, Director of Barclays International Personal and Premier explained, 'Launching this new service ties in with the Barclays Group strategy to increase the proportion of income that it generates from operations outside of the UK and to grow its global wealth business. Dubai was identified as an ideal market to launch this service as it is a growing city, which is home to an ever-increasing number of sophisticated business people who want the best money management they can access.'
The bank also unveiled consumer qualitative research, which highlights low levels of customer satisfaction with wealth management banking.
David Inglesfield, Head of Barclays International Premier in the UAE commented, 'The UAE is widely recognized as one of the key financial centers in the world. With the amount of capital that is based here and the level of investment that is occurring in so many different sectors, it made sense to us to establish a firm base here.
'The data we uncovered from our recent survey into people's wealth management needs revealed what people in the UAE want from a wealth management organization. We have used these market insights to help us formulate the new dedicated, UAE-based offshore banking service - Barclays International Premier, which we have launched here today,' said Mr Inglesfield.
The service offered to those who bring their business to Barclays International Premier is designed to be differentiated from others already available in the market and will benefit from relationship managers on the ground in the UAE with their accounts booked in Geneva through Barclays Bank (Suisse) S.A., which has a market leading operations system.
David Inglesfield explained, 'Clients in the UAE will benefit from the highest possible standards of personal service and local insight from a team of professionally qualified relationship managers based in Dubai, who in turn have access to a wealth of knowledge from Geneva based product experts.'
'Other advantages of the new service include access to more competitive deposit rates, and professional advice on a very wide range of longer terms savings and investment strategies, using the world's best products and providers - the service is not limited to Barclays own product range.'
Barclays provides banking services to more than one million affluent and high net worth clients around the globe and now operates four businesses in the UAE - Barclays UAE for Business Banking and in 2005 will provide Retail Banking, Barclays Capital for Investment Banking, Barclays Private Bank and Barclays International.
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