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.
fkane@thenational.ae
Follow The National's Business section on Twitter
Pakistanis at the ILT20
The new UAE league has been boosted this season by the arrival of five Pakistanis, who were not released to play last year.
Shaheen Afridi (Desert Vipers)
Set for at least four matches, having arrived from New Zealand where he captained Pakistan in a series loss.
Shadab Khan (Desert Vipers)
The leg-spin bowling allrounder missed the tour of New Zealand after injuring an ankle when stepping on a ball.
Azam Khan (Desert Vipers)
Powerhouse wicketkeeper played three games for Pakistan on tour in New Zealand. He was the first Pakistani recruited to the ILT20.
Mohammed Amir (Desert Vipers)
Has made himself unavailable for national duty, meaning he will be available for the entire ILT20 campaign.
Imad Wasim (Abu Dhabi Knight Riders)
The left-handed allrounder, 35, retired from international cricket in November and was subsequently recruited by the Knight Riders.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Company profile
Date started: January 2022
Founders: Omar Abu Innab, Silvia Eldawi, Walid Shihabi
Based: Dubai
Sector: PropTech / investment
Employees: 40
Stage: Seed
Investors: Multiple
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
MATCH INFO
BRIGHTON 0
MANCHESTER UNITED 3
McTominay 44'
Mata 73'
Pogba 80'
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
‘FSO Safer’ - a ticking bomb
The Safer has been moored off the Yemeni coast of Ras Issa since 1988.
The Houthis have been blockading UN efforts to inspect and maintain the vessel since 2015, when the war between the group and the Yemen government, backed by the Saudi-led coalition began.
Since then, a handful of people acting as a skeleton crew, have performed rudimentary maintenance work to keep the Safer intact.
The Safer is connected to a pipeline from the oil-rich city of Marib, and was once a hub for the storage and export of crude oil.
The Safer’s environmental and humanitarian impact may extend well beyond Yemen, experts believe, into the surrounding waters of Saudi Arabia, Djibouti and Eritrea, impacting marine-life and vital infrastructure like desalination plans and fishing ports.
