SKN | JPMorgan Expands in Dubai to Target Mid-Sized Firms

JPMorgan is strengthening its presence in the Middle East by expanding operations in Dubai, aiming to capture more business from midcap companies across the region, Reuters reported. The strategic shift underscores the growing importance of mid-sized firms as global banks compete for a share of the region’s abundant capital and rapidly developing markets.

Broadening Beyond Blue-Chip Clients

Stefan Povaly, JPMorgan’s London-based co-head of corporate banking for Europe, the Middle East and Africa, said the bank is placing a “global focus on doing more in the midcap space.” While JPMorgan traditionally prioritizes large corporate and blue-chip clients, mid-sized firms offer an increasingly valuable revenue stream.

“The Middle East is of course a priority,” Povaly noted, calling the Dubai expansion “the first step” in a wider regional push.

The bank recently made similar moves in Austria and Poland, where dedicated teams have been set up to expand coverage of midcap companies.

A Competitive Middle Eastern Landscape

Global banks continue to deepen their roots in the Middle East as they seek access to oil-derived wealth and rapidly growing financial markets. Barclays recently entered Saudi Arabia, while Goldman Sachs opened a Kuwait office, intensifying competition among international institutions.

Citigroup’s head of commercial banking for the EMEA region, Alex Stiris, acknowledged the growing rivalry.

“We have seen more competition come into the UAE,” he said. “Obviously the more competition, the more we have to be on our tiptoes… We can’t rest on our laurels.”

Stiris added that Citi is “investing selectively” — not only through additional hiring but by upgrading existing talent and allocating more capital where needed.

Dubai as a Hub for New Client Segments

As part of its expansion, JPMorgan relocated senior banker Tushar Arora from London to Dubai. Arora becomes the first member of a new team focused specifically on smaller, venture capital-backed firms — a fast-growing segment across the region as Gulf states invest heavily in innovation and entrepreneurship.

The move mirrors JPMorgan’s strategy in Poland, where banker Marcin Pietrucha — recruited from Santander — has built out a team operating from Warsaw and other cities. In Austria, Frankfurt-based banker Philippe Bull is leading efforts to increase the bank’s midcap footprint.

Early Steps Toward Turkey Expansion

JPMorgan is also evaluating whether to broaden its midcap coverage in Turkey. Povaly said that “over time, we could look to hire bankers dedicated to midcap clients in the country,” signaling the bank’s intention to continue expanding in markets where mid-sized companies are driving economic activity.

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