- Major global banks, including Barclays and Goldman Sachs, are simultaneously expanding in the Middle East.
- Dubai is part of JPMorgan’s wider European expansion, which includes new teams in Poland and Austria.
JPMorgan has expanded its operations in Dubai as it steps up efforts to win more mid-sized corporate clients in the Middle East. The move adds pressure to global rivals that are also building their presence in the region.
According to Reuters, the bank confirmed that it has launched new midcap coverage in Dubai. Stefan Povaly, co-head of corporate banking for Europe, the Middle East and Africa, said the shift fits a broader global strategy. He noted that midcaps offer an additional revenue stream beyond JPMorgan’s traditional blue-chip clients.
JPMorgan reportedly relocated senior banker Tushar Arora from London to lead the effort. He will focus on venture capital-backed firms and act as the first member of a planned team.
Global banks continue to expand across the Middle East as they look to tap into oil wealth and growing regional markets. Barclays recently moved into Saudi Arabia, while Goldman Sachs opened an office in Kuwait.
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Broader Expansion Across Europe And Turkey
Citigroup, which has operated in the UAE for decades, also sees more room to grow. Alex Stiris, Citi’s head of commercial banking for Europe, the Middle East and Africa, said the UAE remains one of the strongest opportunities for market-share gains.
Dubai is only one part of JPMorgan’s wider expansion of midcap coverage. The bank recently built teams in Poland and Austria and maintains an extensive presence in Germany, where it serves the country’s Mittelstand firms.
JPMorgan also reportedly opened a new Berlin office this week for 400 staff ahead of its digital retail banking launch. The latest expansion came shortly after German regulators handed the bank a record fine for anti-money-laundering lapses.
Povaly said the bank has begun early work on expanding midcap coverage in Turkey and could hire dedicated staff there over time. The launch of new midcap coverage in Dubai highlights JPMorgan’s efforts to capture a larger share of the region’s corporate banking activity.
