The British bank HSBC announced today an expansion of its private banking for particularly wealthy clients in the United Arab Emirates. 

Clients will need to have investable assets worth $2 million or more to take advantage of HSBC’s Middle East Global Private Banking. The bank wants to a cater to “fast-growing high net worth investor base that wants to hold assets inside the country, while retaining the flexibility to structure portfolios across key international financial hubs,” according to a press release sent to Al-Monitor. 

HSBC already has 10 private wealth centers around the world in the United States, United Kingdom, Switzerland, Singapore, Hong Kong and elsewhere. The Middle East Global Private Banking will be present in both the Dubai International Financial Centre and Abu Dhabi Global Market, according to the release. 

Why it matters: The UAE is increasingly becoming a haven for the wealthy. Real estate transactions in luxurious Dubai hit a 13-year high earlier this year. The UAE’s push to attract cryptocurrency activity has also led to high net worth individuals liquidating money in UAE-based crypto exchanges.