Investec to open Dubai office

Investec which focuses on wealthy clients in SA and the UK, is opening an office in Dubai with an eye on its growing expatriate community. The lender, which also has operations in the US and Europe, announced its Dubai expansion on Wednesday. ‘We are seeing a lot of South Africans considering Dubai as an option to either work or permanently live,’ CEO Cumesh Moodliar told Bloomberg. ‘Building off on that, we’ve seen family offices being quite active in that region as well as key financial institutions.’ BusinessTech reports that the SA Business Council puts the number of SA-affiliated companies with the Dubai Chamber of Commerce at more than 2 400, according to SA Consul-General Tsepo Lebona. Investec also says that as many as 5 000 of its UK target-market expat clients live in Dubai. Investec is also confident that it will be able to help guide Dubai-based investors interested in post-election opportunities in SA.