UBS Group (UBS) is opening a new office in Abu Dhabi, UAE, in a move to take advantage of the stream of ultra-rich individuals moving to the city away from high-tax areas, Bloomberg reported Tuesday, citing a company executive.
"The Middle East has definitely been a winner for private individuals that have been moving away from higher-tax regimes, other places and other locations like the UK," the report quoted Beatriz Martin Jimenez, president of UBS' businesses in Europe, Middle East, and Africa, as saying at the Qatar Economic Forum in Doha.
UBS did not immediately reply to a request for comment from MT Newswires.
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