The UAE is already a market for the Swiss firm.

Zurich-listed EFG International is opening a new operation in Dubai, having won clearance from local regulators. The firm said it expects its advisory office to be fully operational by 11 December this year.

The United Arab Emirates is already a market for the Swiss firm, which has recruited 22 employees and expects to boost headcount to more than 30 within the first year, it said in a statement today. The Dubai operations aim to generate around SFr3.0 billion ($3.01 billion) of assets under management by 2022.

The firm also appointed Sascha Pietrek, who will head EFG’s Dubai presence, with effect from tomorrow. Pietrek has had several managerial roles and prior to this; he worked at Deutsche Bank from 2001. From 2015, he was managing director for the Middle East and Africa region and market head for the Kingdom of Saudi Arabia. Before that, he was co-head of the bank’s asset and wealth management Dubai Office, where he was also a member of the executive committee. Between 2004 to 2013 Pietrek served in various management positions at Deutsche Bank Switzerland.

Pietrek will report to Adrian Kyriazi, head of EFG’s Continental Europe and Middle East Region.

“We are progressing well with our 2022 strategic plan. As part of this, the opening of our presence in Dubai is another important milestone to strategically enhance our international footprint across markets which offer a significant long-term growth potential for EFG,” Giorgio Pradelli, chief executive of EFG International, said.