Core Insights - Standard Chartered is focusing on the increasing number of Chinese individuals in the UAE to expand its wealth-management business [1] - The bank has seen a significant rise in its Asian client base, particularly among Chinese families [1][3] - The overall strategy includes a $1.5 billion investment over the next five years to enhance wealth management as a growth engine [4] Client Demographics - The Chinese population in the UAE was estimated at 400,000 by the end of 2022, doubling since 2019 [1] - Approximately 6,000 Chinese enterprises are currently operating in the UAE [1] Business Strategy - Standard Chartered has ramped up investments in private banking over the past four years to meet the demand for cross-border banking solutions [3] - The bank's third-quarter fee and non-interest income rose by 7% year-on-year to $3.7 billion, following a 31% increase in the previous quarter [4] Economic Context - Strengthening ties between Asia and the Middle East, along with favorable immigration and tax policies in the UAE, have facilitated the movement of people and capital [5] - The annual trade volume between China and the Middle East has exceeded $400 billion, reflecting the region's efforts to diversify its economy [5]
Standard Chartered tailors UAE offerings to serve wealthy Chinese residents