Singapore-based DBS Group Holdings plans to expand its operations in Dubai to strengthen its presence in the Middle East.

“We are revisiting the thesis that there is real opportunity to do more stuff out of Dubai and this region,” Bloomberg quoted CEO Piyush Gupta saying at the Dubai FinTech Summit.

 He noted that Southeast Asia’s largest lender’s presence in the region is currently limited, presenting a “significant opportunity to scale it up.”

Dubai is becoming a preferred destination for hedge funds and financial firms due to its ease of doing business and tax-free status, the report added.

Gupta also mentioned that Dubai can serve as a “neutral player in a multipolar world,” facilitating financial flows between the West and the East.

Dubai can serve as a “neutral player in a multipolar world facilitating financial flows between the West and the East, the report said, quoting Gupta.

(Editing by Seban Scaria seban.scaria@lseg.com)