Arab Bank Switzerland established a Dubai presence by launching ABS Middle East and opening a branch in the Dubai International Financial Center (DIFC), according to a press release. The Geneva-based private banking group, which has nearly USD 25 bn in assets under management, is targeting entrepreneurs, family offices, and high-net-worth clients through its DIFC entity.
The leadership team: Upon launch, Samir Atitallah (LinkedIn) joined ABS Middle East as CEO, while former First Abu Dhabi Bank executive Michel Sarfati (LinkedIn) was named Head of Family Offices.
Dubai Residential REIT is expanding its portfolio again, acquiring 220 townhouses in Jebel Ali Village for AED 894 mn as it continues to build out the growth pipeline laid out during its listing last year, according to a press release (pdf). The transaction covers a cluster of three- and four-bedroom townhouses acquired through a forward purchase agreement.
A closer look: The purchase lifts the REIT’s acquisitions this year to 276 homes. Together with the 56 Garden View Villas acquired earlier this year, the new homes are expected to generate around AED 75 mn in additional annual revenue once fully stabilized. With the latest addition, the REIT now operates more than 35.9k homes across 22 communities in Dubai.
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