Eduardo Leemann, Falcon Private Bank’s chief executive, left, and Erich Pfister, the global head of Falcon’s private banking, discuss their decision to set up an address at the DIFC. Jeffrey E Biteng / The National
Eduardo Leemann, Falcon Private Bank’s chief executive, left, and Erich Pfister, the global head of Falcon’s private banking, discuss their decision to set up an address at the DIFC. Jeffrey E Biteng Show more

Swiss private bank Falcon sets up operations in the DIFC



Falcon Private Bank, the 50-year-old Swiss business owned by Abu Dhabi’s Aabar Investments, has opened an operation in the Dubai International Financial Centre (DIFC).

Eduardo Leemann, Falcon’s chief executive, said the bank opted for Dubai rather than the Abu Dhabi Global Market (ADGM), the capital’s new financial free zone, specialised private banking, wealth and asset management, because “the DIFC is where the action is in the market”. Mr Leeman added: “It is more advanced as a financial centre.”

He said that a move to ADGM, or opening office there, was an option in the future.

“It’s not inconceivable we’ll think again, but the clear message for now is that we feel it’s best to do our business in DIFC.”

Falcon was bought by Aabar, itself owned by Abu Dhabi’s International Petroleum Investment Company (Ipic), in 2009 at the height of the global financial crisis.

It has had representative offices in Dubai and Abu Dhabi since then, but the DIFC move is the first to a financial free zone in the UAE.

Mr Leemann said that Falcon would have about 30 employees in the country, initially managing US$2.5 billion of assets, which he hoped would rise to $5bn in the next three years.

“This UAE is one of the most interesting and wealthiest spots in the region, but there is no local bank that really does private banking, so we decided to step in and become a player,” he added.

“We decided to do it via a Swiss platform because the Swiss have a reputation and a big name in making money. Being Emirati-owned and Swiss-regulated is a good combination.”

There are no plans to book profit in DIFC. Falcon will continue to book returns on its total $18bn assets via Switzerland and Singapore.

Mr Leeman said he had discussed the bank’s move to DIFC with Ipic, but there had been no pressure to open in ADGM. “Ipic has never, and never will, get involved in operational decisions. We didn’t see it as our role to be a first mover in ADGM.”

He said that the role of a modern private bank was to protect assets, and to help people to diversify and grow their wealth, and that the current relatively low oil price was no deterrent to doing business in the region.

He added that the bank would buy assets where appropriate but was unlikely to buy other banks.

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Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Persuasion
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From Europe to the Middle East, economic success brings wealth - and lifestyle diseases

A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.

One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait,  Qatar and Oman – and second on the list in Bahrain.

In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.

The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.

And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.

 

COMPANY%20PROFILE
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  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
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Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
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Friday (UAE kick-off times)

Levante v Real Mallorca (12am)

Leganes v Barcelona (4pm)

Real Betis v Valencia (7pm)

Granada v Atletico Madrid (9.30pm)

Sunday

Real Madrid v Real Sociedad (12am)

Espanyol v Getafe (3pm)

Osasuna v Athletic Bilbao (5pm)

Eibar v Alaves (7pm)

Villarreal v Celta Vigo (9.30pm)

Monday

Real Valladolid v Sevilla (12am)

 

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
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Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace

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1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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