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UAE Clients Comprise 30% of Saxo Bank’s Clientele in the Middle East

UAE : 09 April 2010

Saxo Bank is a Copenhagen based bank and their only office in the Middle East is currently in Dubai. The Bank first started operating from this location on April 1 last year and since then have been very happy with the new customer base they have amassed in this period of time.

A senior Executive at Saxo Bank has stated that most of the wealth in the region is invariably connected to the thriving oil and energy industry and once this remains buoyant there will remain to be a significant amount of wealth in the area. He went on to speak about Dubai having an extremely high level of high net worth individuals and he expects this trend to continue as long as the property market makes a good recovery and oil prices continue to remain steady. 30% of Saxo Banks current clientele are residents of the UAE and the number of significant clients the bank possesses has grown rapidly over the preceding twelve months and this has led to a doubling of their assets.

The bank does not at present offer any retail banking services in Dubai, instead in concentrates on private institutional clients who open an account with the bank to trade on the global markets in its many forms.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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