The expansion of JPMorgan into Dubai is part of the bank’s strategy to grow in the Middle Eastern market and collaborate with medium-sized enterprises, facing increased competition from other financial institutions.

This move challenges competitors like Citigroup. JPMorgan is enhancing its coverage of mid-cap companies in Austria and Poland, providing an additional revenue source besides its focus on large corporations.

The Landscape of Bank Competition

Global banks are expanding into the Middle East due to the region’s wealth from oil and growing markets. Barclays has recently entered Saudi Arabia, while Goldman Sachs established operations in Kuwait. Citigroup has a long-standing presence in the UAE since 1964, with commercial banking services beginning in 2007.

According to Reuters, Citigroup sees the UAE as an area with numerous opportunities for increasing its market share within the EMEA region. The bank attributes its advantage to established local ties but also recognizes potential challenges due to heightened competition. Citi is boosting its resources through increased staffing and capital investments.

In parallel, JPMorgan is assessing strategies to boost its coverage of mid-cap companies in Türkiye, potentially hiring bankers dedicated to serving this segment. Bankers from London are being reassigned to Dubai roles to concentrate on smaller venture-backed businesses.

This plan follows JPMorgan’s expansion into Poland and the search for additional mid-cap opportunities in Austria. The bank already has a significant presence in Germany, supporting its Mittelstand firms and expanding its balance sheet by integrating more solutions and operations against domestic rivals. This European push includes setting up an office in Berlin with plans to accommodate 400 employees before launching a digital retail banking service.