DUBAI, Nov 19 (Reuters) - Rothschild & Co has opened a

wealth management office in Dubai to boost its offering to local

clients as well as wealthy individuals in the region, it said on

Tuesday, following other financial institutions tapping into the

growing market.

The new office, already operational, will cater to

ultra-high-net worth families, entrepreneurs, charities and

foundations, the bank said in a statement, adding its

Geneva-based Middle East team will now be flanked by local

advisers.

Western wealth managers have increased their presence in the

United Arab Emirates as its ease of doing business, convenient

time zones, and tax-free status has attracted an increasingly

diverse pool of investors.

"As a financial centre with impressive demographics and a

growing GDP per capita, Dubai is a very attractive market for

Rothschild & Co.," the bank's Head of Wealth Management for the

Middle East Sascha Benz, who will head the office, told Reuters.

Dubai's "international positioning as a financial centre

covering the Middle East region makes it increasingly

interesting for wealthy foreigners and institutions," Benz said,

adding the new office aims to serve clients including "local

(merchant) families with succession needs", international

families, family offices, and tech-focused entrepreneurs.

Benz will be supported by a local senior client adviser as

well as a compliance officer, the executive said, adding

Rothschild foresees three more hires for the Dubai office over

the next 18 months.

Rothschild follows other banks launching or expanding their

wealth management offering from Dubai.

In September, JPMorgan ( JPM ) set up a private banking team

in Dubai and Banco Santander private banking launched a

new office in the city's financial centre DIFC.

UBS said a few months earlier it was boosting its

wealth management team in the Middle East, joining expansion

efforts by other banks such as Deutsche Bank.