Sebastian Goeres: «Gulf Region is Becoming the New Hotspot»

Sebastian Goeres: «Gulf Region is Becoming the New Hotspot»

The Gulf region is undergoing a major economic transformation – bringing with it rising wealth, growing complexity, and increasing client expectations. In an interview with finews.asia, Sebastian Goeres, CEO of LGT Middle East, explains why Dubai is emerging as a key hub for private banking, how family values shape wealth planning, and why tradition is more relevant than ever in the digital age.

Written by Gérard Al-Fil, Dubai

Mr. Goeres, the Gulf states are currently reinventing themselves and rapidly expanding the non-oil sector. What does this mean for private banking in the region?

The Gulf region is in a position of strength, driven by a long-term strategy focused on diversifying its economy beyond the oil sector. This leads to robust economic growth and substantial wealth creation, especially in the service and real estate sectors.

The increase in assets in these sectors, coupled with the surge in initial public offering (IPO) activity, unlocks significant opportunities in private banking. Dubai, in particular, is an important private banking hub in the region, underpinned by the stability of UAE’s legal and political systems, as well as its unique position as a melting pot for surrounding regions – from Africa to Central and Southeast Asia, and the Gulf region. Serving as a connecting bridge between East and West, as well as between developed and developing economies, Dubai offers an attractive proposition for private banking. 

LGT Bank is no longer a newcomer in the Middle East. What phase do you see yourself in as a foreign private bank in the Gulf?

We have steadily established ourselves as one of the leading private banks in the Gulf region. With a dedicated team of 70 professionals from 21 nationalities, we bring together global investment expertise and local insights, enabling our clients to access regional opportunities with confidence. Our team in Dubai has a deep understanding of the unique requirements and expectations of clients in this dynamic region while upholding the values of a family-run institution under the stewardship of the Princely Family of Liechtenstein.

LGT is ranked 6th in the 2024 finews.asia league table in terms of assets under management in the Asia region, which includes the Middle East. This recognition underscores the trust and confidence that our clients place in us.

«About 80 to 90 percent of asset management is being handled by family offices.»

Families in the Middle East tend to be larger than in Europe. How do you deal with this as a private banker?

Wealthy families in the Middle East tend to be larger, influenced by a range of cultural, social and economic factors unique to the region. Larger families often face additional challenges, such as the lack of clear rules and defined roles for decision-making and succession planning, both within the family and their businesses.

At LGT, we draw upon the real-world experience of our owners, the Princely Family of Liechtenstein, who have successfully preserved their legacy across generations through clear values, shared purpose and long-term governance. We guide families in anchoring their wealth planning not just in legal structures, but in frameworks that reflect their values and vision. Tools such as family charters, councils and intergenerational dialogues are designed with the family’s story in mind -- helping to clarify roles, support decision-making and preserve unity across generations.

So there are significantly more family offices in the Gulf than in other regions, right?

That's correct. Due to the economic strength of family businesses in the region, we observe that about 80 to 90 percent of asset management is being handled by family offices. This is one of the key findings in a study that we have conducted in collaboration with the Tharawat Family Business Forum, titled «Wealth and Legacy: The Rise of Single Family Offices in the MENA». As the UAE evolves, we are also witnessing African and other Asian family offices setting up shop here. There is now a clear trend toward professionalizing wealth structures – not simply for efficiency but to uphold purpose and values over time. As the family office of the Princely Family, LGT brings both institutional expertise and a deep understanding of how to align strategy with a family’s identity and long-term ambitions. Our role is to help clients build structures that endure, without losing sight of the human relationships and legacy at their core.

Young people today have more opportunities than ever before. They are more mobile, multilingual and often better educated. Does this make succession planning a balancing act?

 «The success of the Dubai International Financial Centre shows how well the region has positioned itself as a key player in the global private banking scene.» 

The next generation today is more mobile, multilingual and purpose-driven than ever before. While many pursue entrepreneurial or independent paths – 66.7 percent prefer to establish their own ventures, according to our study with Tharawat - this shift underscores the importance of family conversations. Succession is no longer just about readiness, it’s about relevance, personal growth and shared commitment. We work with families to co-create succession journeys that honor individual aspirations while nurturing continuity.

Every family is unique - and so must be their approach to transition.

The Middle East and geopolitics often fall within the same breath. Isn't this at odds with private banking, which presupposes stability and a long-term perspective? 

The UAE and the GCC region as a whole are well-recognized as stable and developed jurisdictions. Over the years, the UAE and GCC countries have demonstrated their ability to maintain economic resilience and stability, providing a solid foundation and supportive environment for private banking to thrive. The UAE benefits from strong international relations and offers a safe environment, comparable to global financial hubs such as Switzerland or Singapore.

The success of the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) shows how well the region has positioned itself as a key player in the global private banking scene. Additionally, the demanding nature of private clients and intense competition in the region drive continuous innovation and excellence, which support the long-term stability and growth in private banking.

Do you ever have to show new customers on the map where the Principality of Liechtenstein is located?

It does happen that some clients are not familiar with Liechtenstein, and we always welcome the opportunity to introduce them to Liechtenstein – a sovereign nation known not only for its political and economic stability but also for its credible achievements on the world stage. An independent state for more than 200 years, Liechtenstein stands as a model of strong financial regulations and virtually no public debt.

«It does happen that some clients are not familiar with Liechtenstein.»

As one of only a handful of countries worldwide with a AAA credit rating from Standard & Poor's (S&P), Liechtenstein demonstrates exceptional economic stability and low risk. It ranks among the top globally in GDP per capita and is a global leader in high-tech precision manufacturing. Liechtenstein also plays an active role in international organizations such as the United Nations, World Trade Organisation and European Economic Area, and is widely respected for its strong rule of law, innovation, and sustainable fiscal policies. As the home of our owner, the Princely Family of Liechtenstein, the country reflects the very principles we uphold at LGT - responsible governance, global perspective, and long-term stewardship of wealth.

Is tradition still an argument in banking, given the almost unmanageable dynamics in our global financial village?

Tradition is not a relic – it’s a compass. In today’s complex and fast-changing world, values like trust, discretion and long-term thinking are more relevant than ever. At LGT, our tradition is a living legacy passed down through the Princely Family - anchoring our approach in conviction, clarity and continuity. But tradition must be dynamic. We combine it with innovation, global-oriented approach that takes into account local market insights, as well as technology tools to meet our clients’ evolving needs. 

What does the rise of Web3, cryptocurrencies and AI mean for private bankers? «Back to school», or learning by doing?

Technology presents both opportunities and challenges for private banks. While technology can make processes more efficient, especially in areas such as data analysis, operational processes and fraud prevention, it is by no means a substitute for human expertise. In private banking, the cornerstone continues to be the cultivation of long-standing personal relationships with clients, built on trust and deep understanding of their individual needs. At LGT, we are no exception – we recognize the crucial role of human touch. Our advisors are committed to continuous learning, by combining classroom training with hands-on experience to stay relevant and attuned to our clients’ expectations. For us, technology is an enabler that complements the human touch at the heart of exceptional private banking.

What is your message to the financial centers in the Gulf? 

Our message is clear: stability, trust and long-term partnerships are cornerstones of sustainable success for any financial center. The Gulf region’s economic transformation presents immense opportunities, and LGT is committed to supporting family businesses and wealthy clients with best-in-class solutions tailored to their needs – especially in the areas of wealth planning, succession and family office services. Private banking is fundamentally a people business.

We are only as good as the talent we hire. That’s why we remain committed to recruiting top-tier relationship managers to enhance our capabilities, differentiate our offerings and deepen our presence in the region. We are also dedicating more resources to further strengthen our intermediary business.

What is LGT's goal for the next ten years?

Our goal is to continue expanding our business, drive consistent profitability and deliver sustainable value -- all while building upon the solid foundation we have established over the years. 

Sebastian Goeres has been the CEO of LGT (Middle East) Ltd. since January 2022, with its regional headquarters located in the Dubai International Financial Centre (DIFC). Originally from Cologne, he is the son of a diplomat and holds a Master's degree in Banking & Finance from the University of St. Gallen.