Dubai Operation Holds Category 1 License as Bank Emphasizes Regional Commitment

A Swiss banking group operates under a Category 1 license through the Dubai International Financial Center, a designation reflecting its long-term commitment to Middle Eastern markets.

Mirabaud established its Dubai presence in 2007 and secured banking status in 2010, making it among the earliest international wealth managers to obtain this regulatory authorization. The institution holds one of few Category 1 banking licenses granted to international groups in the financial center.

The license designation allows the bank to serve professional clients seeking wealth management services. The regulatory framework requires specific capital, governance, and operational standards maintained through ongoing oversight.

“Mirabaud is one of the very few international groups to hold a Category 1 banking license in Dubai International Financial Center, reflecting its long-term commitment to the region,” the institution noted.

Leadership Refresh Signals Growth Focus

Georges Khoueiri assumed the chief executive officer role at the Dubai subsidiary in late 2024, bringing more than 25 years of experience across international financial institutions. The appointment reflects what the bank characterizes as a focus on capturing growth opportunities across Middle Eastern markets.

Khoueiri most recently served as managing director at Global Gate Capital in Dubai. His background spans private and public markets, investor relations, and regulatory frameworks.

“I am honoured to be joining Mirabaud at such a transformative moment,” Khoueiri said. “The Middle East is an important wealth hub with couple of huge untapped sources of capital.”

Institutional Expertise Broadens Traditional Model

The new leadership brings experience beyond conventional private banking into the Dubai operation. Khoueiri emphasized building connections between institutional investors, private markets, and global capital flows.

This approach differs from traditional relationship-focused wealth management that dominates Middle Eastern private banking. The bank positions the institutional expertise as complementary to its existing client service model.

Thiago Frazao, equity partner and chairman of the Middle Eastern subsidiary, said the leadership change reflects the institution’s regional strategy. The appointment aims to strengthen the Dubai operation while differentiating the bank’s service proposition.

“His background, that goes beyond traditional wealth management, and his entrepreneurial vision reflect exactly the kind of bold thinking we need to strengthen our strategy in the Middle East,” Frazao said.

Pioneer Status Provides Market Experience

The banking group’s early entry into the Dubai market provides institutional knowledge of regional dynamics and regulatory environment. Nearly two decades of operations have built client relationships and market understanding.

The Middle Eastern presence forms part of a broader international network spanning Europe, the Americas, and the Gulf. The institution maintains its headquarters in Geneva, where it was founded in 1819.

Regional wealth accumulation has accelerated in recent years, driven by hydrocarbon revenues, sovereign wealth deployment, and entrepreneurial activity. International banks, boutique firms, and family offices compete for relationships with high-net-worth individuals and institutional clients.

Khoueiri takes leadership as the bank pursues what it characterizes as untapped capital sources throughout the region. The institution declined to provide specific asset or revenue targets, instead emphasizing relationship quality and service differentiation.

The Dubai operation connects to the broader group’s investment platforms, research capabilities, and specialist expertise. Regional clients access the same resources available to European and Swiss counterparts while working with teams possessing local market knowledge.