Sheryl Cherian, Chief Operating Officer, Julius Baer (Middle East) Ltd., has a spectacular view over Dubai from his desk. From his window, he’s seen Dubai and Julius Baer grow in ways he couldn’t have imagined. He was one of Julius Baer’s first local employees soon after the Dubai International Financial Centre (DIFC) officially opened. The Dubai Financial Services Authority had recently given their first license to carry out financial services in the new international financial free zone, decisive in the growth of the city as a financial hub. That licence went to Julius Baer.
First mover advantage
The DIFC has since issued more than 6000 licenses, according to their 2024 half-year results, and has grown to become one of the world’s leading and fastest growing financial centres. Meanwhile, Julius Baer in Dubai has grown from 8 employees in 2004 to around 200 employees today and now offers a variety of wealth management solutions and services to its clients in the region.
Julius Baer’s decision to establish its first presence in the Middle East with an office in Dubai at the start of the DIFC demonstrated its commitment to the development of the region, but it has also proven to be a visionary step. “We wanted to be closer to our clients and to support the burgeoning wealth in the region. A local presence has allowed us to combine our Swiss heritage with strong local know-how. We’ve become a hub for the wider region. We have offices in Bahrain and—since 2022—Doha,” explains Alireza Valizadeh, CEO, Julius Baer (Middle East) Ltd.
Located on the 14th and 15th floors of ICD Brookfield Place, the Julius Baer offices in Dubai consist of relationship managers, investment advisors, discretionary mandate advisors, wealth planners, credit structuring experts, and many other roles. The growth in the diversity of talent and expertise over the past two decades reflects not only changing client demands but also the wealth manager’s status as an employer of choice in the area. “Founded as a family run firm, Julius Baer places great value on long term relationships. We understand family businesses as well as the challenges of growing wealth, protecting it, and passing it on,” says Valizadeh.
One trillion USD are expected to be transferred between generations over the next decade in the Middle East, according to global consultant McKinsey. According to the United Arab Emirates Ministry of Economy, Family businesses contribute 40 percent to UAE’s GDP, and they employ 70 per cent of the country’s private workforce.
Ongoing regional appeal
Deemed the wealthiest city in the Middle East according to the 2024 Julius Baer Wealth and Lifestyle report, Dubai has registered a 78 per cent increase in its millionaire population over the past ten years. That increase is helped by local support from the government and an ecosystem that supports economic growth, innovation, and entrepreneurship, making the city an attractive place to work, live, and invest in. The city has one of the world’s most active real estate markets with high demand, both locally and globally—a clear example of its booming growth and wealth.
Located half-way between two important hubs, Switzerland and Singapore, and in a strategic location with easy access to both Europe and the Middle East, the Group’s local Dubai office appeals not only to wealthy local clients but also across the Middle East, Africa, and the Indian sub-continent including Non-Resident Indians (NRIs).
“Longevity is at the core of our business and, as always, we work with our clients and their next generations while supporting them in their financial journeys,” adds Valizadeh. “Over 6700 millionaires plan to migrate to the UAE by end of this year. This constant influx is complemented by the city’s forward-thinking approach and constant evolution to support the needs of a diverse community.”
Together towards tomorrow
Over the years, there’s been a substantial shift in Julius Baer’s client base as women, younger investors, and tech entrepreneurs take an increasingly larger role in the wealth manager’s discussions. “Our wealth management approach has always been inclusive to stay relevant to the client of the future,” says Valizadeh. “And technology plays a huge role in that.” In keeping with its pioneering mind-set, Julius Baer was the first wealth manager in the DIFC to receive a digital assets license in addition to its existing licenses. “The DIFC is committed to becoming one of the world’s most advanced financial centres. That ambition is driven by partnerships, a developing technology ecosystem, and tech accelerator programmes,” says Sheryl Cherian.
Julius Baer feels a strong connection between its own entrepreneurial drive and that of its host city, Dubai. With such strong parallels, the wealth manager makes efforts to be a part of the local community. Julius Baer recently renewed its nine-year partnership with Art Dubai until 2027. The collaboration with the Middle East’s leading art fair is part of the organisation’s long-term commitment to support the UAE’s emergence as a cultural hub in the region.
What differentiates Julius Baer in Dubai from other wealth managers in the region? For Valizadeh, it’s the people. “We have great talent here. They work well together. They care about what they do. That’s the big differentiator.”
"I am confident that we will continue creating value for our clients and work with them to build our future together,” says Dubai-based Rahul Malhotra, Executive Board Member and Head Emerging Markets at Julius Baer, whose scope spans five markets including Middle East & Africa, Global India, Central and Eastern Europe, and Israel, Greece & Cyprus, and Turkey.
Two pioneers, growing together. Since Sheryl Cherian joined Julius Baer in 2004, he’s witnessed unimaginable growth between the two. But some things have remained the same for both Julius Baer and Dubai – a strong desire for innovation and technology, an understanding that their power is in their people – clients and employees, and perhaps, most important of all, a view toward a promising future.