SPF Private Clients has launched an office in Dubai, moving a director from London to head up the team.
The intermediary says it intends for the Dubai office to be a hub for further expansion into the United Arab Emirates (UAE) and wider region.
Marcus Hodges, who has worked in the London office for 20 years, is now managing director of SPF UAE. Connor Humble, already based in Dubai, joins him as head of mortgages with Scott McHugh as sales director.
The plan is to double the eight-strong team of brokers over the next year, mainly via local recruitment.
In 2022 SPF became part of the Howden Group of companies, which already has a significant presence in Dubai.
Mark Harris, chief executive of SPF, says: “Our team will offer the best-in-class mortgage advice and protection advice we are known for to those buying in the UAE, mainly in Dubai but also Ras Al-Khaimah and Abu Dhabi.
“We are pleased that Marcus has agreed to head up the team and move to Dubai with his young family, bringing his many years of experience of the mortgage market to the UAE.”
Hodges himself adds: “Growth in the real estate sector in Dubai presents many opportunities. The city is a popular destination, with people from all over the world choosing to move here to live and work – from insurance companies, law and tax firms to self-employed and business owners in the retail and service sectors.
“We are also seeing high-net-worth individuals looking to base themselves here for the lifestyle and tax benefits.
“While many of our clients are resident in the UAE, buying a home or an investment, we are also dealing with an increasing number of non-residents from all over the world.
“Since our early days we have dealt with clients based in the GCC (Gulf Cooperation Council) region who own property in the UK and expect that side business will grow whether that be nationals or expats.
“While we work with both international and local banks, there is a compelling argument for UK banks to lend in Dubai. There is a big opportunity here as many clients are British and relatively affluent, providing them with a level of comfort.”