No competition: Dubai complements Singapore’s fight for family offices, industry watchers say

DUBAI’S position as a rising financial hub for wealthy families may translate into competition for Singapore, where scrutiny of family offices has tightened in recent months amid the Republic’s largest anti-money laundering probe.

But the majority of industry players polled by The Business Times say Dubai can provide complementary benefits to Singapore, even as competition spurs both on to become leading financial hubs in Asia.

“When we speak to our clients, the conversation is increasingly not about Dubai versus Singapore, but Dubai and Singapore,” said DJ Sengupta, chief executive of Wrise Wealth Management Middle East.