Private banks are benefiting from the demographic shift.
Private banking in the Middle East continues to thrive, outperforming most other global regions; Prospects remain positive in specialty banking and wealth management despite the increasing geopolitical risks in the region. Thanks to strong economic and business growth in key countries, including Saudi Arabia, the UAE and Qatar, the number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) continues to rise.
Regional financial institutions and international players are allocating more resources to leverage private banking services in the Middle East. Knight Frank research shows that global HNWIs rose by 4.2% in 2023, led by growth in North America (up 7.2%) followed by the Middle East (up 6.2%). Younger wealthy people are also increasing their numbers in the Middle East. Private banking clients seek personalized, technology-driven service with access to broad investment opportunities. Indeed, the winners of the Best Private Banks in the Middle East awards provide first-class private banking products and services supported by advanced technology.
Best Bank for Private Services: QNB Private Services
Backed by the financial strength of Qatar National Bank, the largest bank in the region, QNB Private Banking provides differentiated, innovative and tailored financial offerings to its large and growing client base. Over the past year, QNB Special Services’ strategic investment approach has significantly increased its return on investment, reflecting its commitment to maximizing value for clients while maintaining prudent risk management practices. QNB Private Banking manages a large portfolio, with assets under management reflecting a steady year-on-year increase and a growing market share.
The private bank offers a comprehensive range of services, ranging from traditional banking services to modern financial solutions. The customer base consists mostly of affluent and affluent people based in Qatar and the MENA region, supported by QNB’s presence in London, Paris and Geneva. QNB Bank (Switzerland), a subsidiary of QNB Group in Switzerland, is an offshore private banking hub, which acts as a conduit for investment products and services, including advisory services.
Best Private Bank for Sustainable Investment: National Bank of Kuwait
National Bank of Kuwait has a long and successful history in private banking. Over recent years, the Bank has developed a robust program and services for sustainable investment in private banking. In early 2024, NBK’s private banking offering was strengthened with the launch of the NBK Wealth Service, which unified its private banking and asset management businesses under one leadership. The division offers HNWI, HNWI and institutional accounts a client-focused offering that includes all private banking products and investment solutions.
National Bank of Kuwait (NBK) Private Banking has integrated environmental, social and governance (ESG) components into its offering and selection process for clients who prefer ESG, reflecting the bank’s commitment to sustainable investment practices. NBK follows a good ESG strategy, which sets out key objectives and commitments. One of the most important achievements was the drive for sustainable lending. NBK Wealth’s operating model focuses on providing solution-based services, including advisory services, to increase its local, regional and international clients’ share of the portfolio.
Best private banking digital solutions for customers: Emirates NBD
Emirates NBD, the second largest bank in the UAE, is a leading banking brand in the Middle East. The Private Banking line’s total income grew strongly in 2023 due to growth in its geographic footprint, resulting in increased customer acquisition and product penetration. The bank’s accelerated investment in digital and mobile banking was also a major contributor to its 2023 private banking performance.
Emirates NBD has been at the forefront of digital innovation in the region, with 97% of its transactions conducted outside traditional branches. Electronic banking, along with advances in artificial intelligence, has played an important role in Emirates NBD’s business. The bank launched its digital wealth platform in the fall of 2023, where customers can quickly create investment accounts and start trading in global and UAE stocks from a single app for all banking needs.
