UBS' Benjamin Cavalli: More SFOs Considering MidEast «Second Leg»
The diversification of booking centers has been an ongoing trend for the ultra-rich and their family offices. In addition to traditional hubs, various centers within the Middle East are emerging as top options, according to UBS’ Benjamin Cavalli.
With growing geopolitical risks, regulatory changes and a plethora of global investment opportunities, ultra-high net worth (UHNW) individuals and their family offices continue to plan their mix of hubs. According to Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management, the Swiss private bank sees increased interest in establishing a base in the Middle East.
«Our clients have become very, very global. There is certainly local demand for managing wealth and […] strong interest coming out of Asia but also certainly from Europe,» Cavalli said during a media briefing on the bank’s newly released «Global Family Office Report 2025».
Regional Competitors
Cavalli cited a number of popular options in the Middle East including Dubai and Abu Dhabi, where UBS recently said it would open a new office. Saudi Arabia is also seeing the establishment of very sophisticated setups.
«So there is certainly a bit of healthy competition as well in the Middle East,» Cavalli remarked.
Citing UBS’ «Billionaire Ambitions Report 2024», Cavalli noted that UHNW families consider four pillars when selecting a financial center: strong rule of law, proper healthcare, quality education and a friendly tax environment.
