Standard Chartered is intensifying efforts to capture the expanding market of Chinese individuals living, working, and launching businesses in the United Arab Emirates (UAE) as part of its broader wealth management growth strategy.
The bank has seen a rising number of Asian clients, particularly Chinese families, establishing themselves in the UAE, a trend driven by the country's favourable immigration and tax policies and deepening economic ties between Asia and the Middle East. The Chinese population in the UAE has doubled since 2019 to an estimated 400,000, with around 6,000 Chinese enterprises operating in the region.
Over the past four years, Standard Chartered has increased investment in its private banking services in the UAE, expanding its platforms and hiring more relationship managers -- particularly from mainland China and Hong Kong -- to better serve this client base and address language needs. The bank reported a 20 percent increase in relationship managers this year compared to the previous year.
The bank offers both onshore and offshore banking solutions. Onshore services include local-currency products such as mortgages, capitalising on the UAE's growing property market. Offshore services operate through the Dubai International Financial Centre (DIFC), enabling clients to access investments based in Singapore or Hong Kong. A key offering is cross-border asset-backed lending, allowing clients to leverage assets across multiple markets.
This initiative aligns with Standard Chartered's global strategy to prioritise wealth management as a growth engine, backed by a planned USD1.5 billion investment over five years. The bank's third-quarter fee and non-interest income rose 7 percent year-on-year to USD3.7 billion, following a 31 percent jump in the prior quarter.
The bank's efforts also coincide with recent regulatory developments, including agreements between Hong Kong and UAE regulators to facilitate seamless distribution of public investment funds across both markets. Standard Chartered's comprehensive product suite and regulatory support position it as a leading international player in the UAE's wealth management sector.