Yves Bruggisser, it is said that if someone does banking in the Middle East, then he or she should also know about the region. What is your personal relationship to this part of the world?

My father worked in the watch industry and travelled throughout his career to the Middle East, where he successfully developed several prestigious brands across the Gulf countries. Beyond giving me early exposure to the region, he has been a key mentor throughout my career, shaping my understanding of long-term relationships, trust, and accountability.

Over the years, I have been continually impressed not only by the region's remarkable growth and dynamism and its ability to attract talent from around the world but also by the strength of its values. The importance placed on human relationships, trust, and long-term personal connections is something I find particularly meaningful and inspiring, and to which I pay great attention.

What is your setup in the region?

We currently serve the Middle East from four offices: Geneva, Zurich, London, and Dubai, where we have maintained a representative office since 2007. We are aiming to expand our presence in the region.
As part of this initiative, we plan to offer selected bankers from within our group the opportunity to relocate to the UAE, while at the same time we have started to recruit local talents who wish to join our institution. This approach aims to ensure that our unique culture, expertise, and DNA are well represented in the region, while benefiting from strong local knowledge and our long-term commitment.

«Over the next three to five years, we anticipate continued expansion driven by new wealth inflows.»

Our business is all about people and trust: the relationship between a banker and a client is often comparable to that between a patient and a doctor—once you find someone who truly understands you, whom you trust, and who provides the right advice, you do not want to change. Pictet offers stability in relationships thanks to its low employee turnover of around 7%, which is significantly lower than our peers.

How does Pictet view the macroeconomic and geopolitical risks in the Middle East (e.g., oil-price volatility, regional tensions, global economic headwinds) for 2026—and how might these shape private banking strategies in the region?

From an economic perspective, regional tensions have not resulted in higher oil prices, which remain a critical factor for global economic conditions. In fact, oil prices are declining due to structural oversupply in the market, a trend that is being reinforced as China continues to shift away from fossil fuels towards renewable energy sources.For geopolitical tensions to have a significant impact on markets, we would need to see a rise in oil prices, which could lead to higher inflation and potentially prompt central banks to reassess their monetary policies. Recent events in Venezuela reinforce this view, as they may lead to increased oil production in the coming years.

Macro and geopolitical tensions in the Middle East—and beyond—are something we take into account when investing on behalf of our clients. For example, we like real assets—those with tangible value, such as precious metals. This is especially the case given the weakening US dollar. Despite those tensions, our commitment to the Middle East remains intact and for the long term—even more so as the world is becoming more polarized, and investors may be looking for stability and a truly global asset allocation.

Given recent trends, what is Pictet’s view on the growth potential of wealth creation in the GCC over the next 3–5 years, and which segments (e.g., HNWIs, family offices, entrepreneurs) are expected to drive that growth?

The region is the fastest-growing hub for high-net-worth individuals (HNWIs) and single-family offices (SFOs), benefiting from a robust ecosystem and Dubai’s position as a leading financial center. Over the next three to five years, we anticipate continued expansion driven by new wealth inflows—attracting expatriates from both Europe and within the region—as well as ongoing organic economic growth.

Family offices represent a key segment for us. They can benefit from our first-class global custody offering and our institutional investment solutions via our asset management division, PAM.
The UAE’s leadership combines exceptional vision with remarkable execution, ensuring continuing national development, the creation of sophisticated ecosystems, and the country’s enduring appeal on the global stage.