Singapore-headquartered independent multi-family office WRISE Group has established WRISE Middle East, its Dubai subsidiary office dedicated to serving the operational needs of the ultra-rich and their family offices in the United Arab Emirates (UAE) and across the greater Middle Eastern region, following the award of the Category 3C licence in 2022.

The UAE’s economy, the company says, has been a beacon of light in the current volatile financial climate, with the World Bank estimating its expansion to hit 3.7% in 2024, up from its previous estimate of 3.4% respectively.

Dubai, as UAE’s most populous city and the capital of the Emirate of Dubai, is the country’s financial gateway to the Middle East, Europe and the world, thus presenting numerous opportunities for the group to grow its business.

The group has appointed Dhruba Jyoti Sengupta as the CEO of WRISE Middle East. Sengupta brings over 25 years of experience working in the financial industry across the Middle East and North Africa region, including having held senior wealth management positions at international financial institutions like Citibank and, most recently, as the CEO of a family office.

“The UAE is set to see an increase of 24.6% in the number of high-net-worth individuals (HNWIs) by 2025,” notes Derrick Tan, WRISE Group’s chairman. “With an increasing congregation of the wealthy in this part of the world, we are excited to offer our services, expertise and technology to the ultra-wealthy community to meet their wealth management and estate planning needs.”