Bank of Singapore bullish on Middle East prospects

AUM in Dubai grew about 30% from its launch in 2016.

CNBC reports that the private banking arm of OCBC, Bank of Singapore, has expressed optimism over its growth prospects in the Middle East after a warm reception met its launch in 2016.

Assets under management in Dubai increased about 30% from its launch in the city’s International Financial Centre two years ago, according to Reuters.

"I firmly believe and I'm very optimistic about the prospects of the region," said Vikram Malhotra, Bank of Singapore's global market head for South Asia and the Middle East.

Private financial wealth in the Middle East and Africa is projected to grow 8.1% by the end of 2021 to $12t, according to a report from Boston Consulting Group. 

“All the global banks are present in Dubai and are investing and growing in the region. Having said that, I think we have grown much faster than our competitors," Malhotra said.

Here’s more from CNBC.