U.S. Bank JPMorgan expands in Dubai

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U.S. Bank JPMorgan expands in Dubai

November 15, 2025

DUBAI,— The U.S. bank JPMorgan has expanded its presence in Dubai as part of a wider effort to build business with medium sized companies, according to an executive who spoke with Reuters.

The development, which had not been disclosed earlier, reflects increasing competition among global banks looking for growth opportunities across the Middle East.

Stefan Povaly, who serves as the London based co head of corporate banking for Europe, the Middle East and Africa, said the bank has been working to broaden its reach beyond large multinational clients.

He explained that the firm is dedicating more attention to what it calls midcap companies, a category that the bank believes can provide an additional and steady source of revenue.

According to Povaly, the Middle East remains a central priority for the institution. He described the Dubai expansion as an initial step in a longer plan to serve a wider range of clients in the region.

The increase in activity follows recent moves in Austria and Poland, where the bank has strengthened its focus on this same category of businesses.

Global banks have grown more active throughout the Middle East as they seek to capture business linked to energy wealth and expanding private sectors.

Barclays recently revealed plans to extend its work in Saudi Arabia, and Goldman Sachs has opened an office in Kuwait.

Citigroup, which first entered the United Arab Emirates in 1964 and added commercial banking services in 2007, has also observed new entrants into the market.

Alex Stiris, who leads Citi’s commercial banking division for Europe, the Middle East and Africa, told Reuters that the UAE remains one of the most promising places for increasing the bank’s market share.

He said the institution holds what he referred to as a natural advantage, though he acknowledged that rising competition requires constant vigilance.

Stiris said the bank continues to invest, not only through additional hiring but also by refining the skills of its existing staff. He added that investment also applies to capital commitments intended to support future growth.

JPMorgan is also reviewing its approach to midcap clients in Turkey. Povaly noted that hiring bankers dedicated to that segment of the market in the country could be considered in the future.

As part of its expansion plans, JPMorgan has relocated banker Tushar Arora, who has been with the company for more than ten years, from London to Dubai.

Arora becomes the first member of a team that will direct its efforts toward smaller companies backed by venture capital.

This work aligns with the bank’s entry into Poland, where it brought in Marcin Pietrucha from Santander to lead a team based in Warsaw and other cities.

A similar effort is underway in Austria under banker Philippe Bull in Frankfurt. JPMorgan also maintains significant operations in Germany, partly to serve the country’s well known Mittelstand sector.

(With files from Reuters)