UBS to Open Abu Dhabi Office as More Clients Move to Mideast

UBS Group AG is opening a new office in Abu Dhabi as the European banking giant seeks to capitalize on the flood of wealthy individuals leaving countries like the UK for low-tax cities across the Middle East.

The efforts by sovereign wealth funds to diversify regional economies away from oil and to develop an investment corridor with Asia have also helped make the region attractive to legions of ultra-rich individuals, according to Beatriz Martin Jimenez, who is president of the bank’s businesses across the Europe, Middle East and Africa region.