Union Bancaire Privée has hired Fahd Iqbal from UBS Group to run investment services in Dubai, accelerating the Swiss private bank’s expansion across the Middle East as global wealth managers battle for the region’s fast-growing pool of wealthy clients.
Iqbal, most recently UBS’s chief investment officer for the Middle East, previously held senior roles at Credit Suisse, EFG Hermes and Deutsche Bank. Based in Dubai, he will report to Arfat Qayyum, senior executive officer of the bank’s Dubai office.
The Geneva-based firm is also bolstering its regional coverage with the appointments of Joy Chammas and Mohammed Zaheer as market heads for the Middle East, strengthening relationship management and cross-border client advisory as asset inflows accelerate.
UBP’s appointments reflect intensifying competition among global wealth managers in the Gulf as the region attracts billionaire capital from Asia, Africa and Europe alongside locally generated fortunes.
UBP entered the Middle East more than 20 years ago, opened its Dubai International Financial Centre office in 2011 and added a Riyadh presence in 2025. The bank now manages over CHF 24 billion ($31 billion) in assets for regional clients, supported by more than 40 professionals on the ground, according to a press release.
📌 Why it matters:
Private banks are rapidly shifting resources to the Gulf, where wealth creation and capital migration are turning the region into a global hub for high-net-worth and ultra-rich clients.
📌 Bottom line:
By pulling senior talent from UBS and expanding local leadership, UBP is moving to secure a larger share of one of the world’s fastest-growing wealth markets.
