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BCP upgrades Dubai office to branch after DFSA licence approval

Established in 1963, BCP has built a strong reputation in commodity trade finance and wealth management

Gulf Business
Gulf Business

01 September, 2025

BCP upgrades Dubai office to branch after DFSA licence approval
Massimo Cangini, senior executive officer of the Dubai branch BCP/Image: Supplied

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Banque de Commerce et de Placements (BCP), the Geneva-headquartered Swiss bank, has announced the transformation of its Dubai Representative Office into a fully operational branch. The move follows the successful acquisition of a Category 4 licence from the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), enabling BCP to expand its advisory services in the Middle East.

This development strengthens BCP’s long-standing commitment to the Middle East and Africa, where it has been active since 2006. With significant client assets already in the region, the new branch will provide high-net-worth individuals, family offices, and institutional clients with tailored services that combine regional proximity and Swiss expertise.

Established in 1963, BCP has built a strong reputation in commodity trade finance and wealth management. The bank holds investment-grade ratings from Fitch and Moody’s and is recognised for its financial stability, disciplined risk management, and client-focused approach.

“This marks not just an upgrade, but a strategic development,” commented Marco Grilli, head of wealth management at BCP. “Dubai has emerged as a global centre for innovation and finance. Expanding our presence here underscores our commitment to delivering bespoke, Swiss-quality wealth management services in a market that values excellence.”

Marco Grilli, head of wealth management at BCP

The Dubai branch will act as a client-facing and advisory hub, while transactions and asset bookings will remain centralised in Switzerland. This structure ensures clients benefit from local relationship management supported by BCP’s established banking and wealth management infrastructure in Geneva.

BCP has appointed Massimo Cangini as senior executive officer of the Dubai branch. With over a decade of experience in the region and more than 20 years across Swiss and international banks, Cangini brings deep market knowledge and a strong focus on personalised client service.

Through the new branch, clients will gain access to BCP’s full suite of services, including investment deals, credit, custody, and financial product advisory. The branch will operate under the regulatory oversight of both the DFSA and the Swiss Financial Market Supervisory Authority (FINMA), underscoring BCP’s commitment to compliance and regulatory best practices.

Oman launches 10‑year Golden Residency: What’s in it for investors, professionals?

Residency holders will also have access to the Invest in Oman platform, which offers end-to-end services from business establishment to expansion

Nida Sohail
Nida Sohail

01 September, 2025

Oman launches 10‑year Golden Residency: What’s in it for investors, professionals?
Image credit: Getty Images

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In a significant move to attract foreign investment and top-tier talent, Oman has officially launched its much-anticipated 10-year “Golden Residency” programme, offering long-term residency to eligible investors and skilled professionals through seven distinct investment routes, starting from OMR200,000.

The announcement was made during an event on Sunday, August 31, in Salalah, hosted by the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) under the theme ‘Sustainable Business Environment’. The event was held under the patronage of Sayyid Marwan bin Turki al Said, governor of Dhofar, and attended by senior officials from both the public and private sectors.

Read more-New rule for businesses in Oman: Here’s what you need to know

The programme aligns with Oman Vision 2040, targeting private-sector growth, employment generation, and advanced knowledge transfer.

According to the Oman Observer, the Golden Residency initiative reflects Oman’s ambition to develop a sustainable, investor-friendly ecosystem. As Muscat Daily reported, the launch is part of a wider package of reforms aimed at enhancing the country’s business climate and drawing long-term capital.

“The Golden Residency is not merely a residence permit; it is Oman’s commitment to creating a balanced environment for investors that combines opportunity, stability, and a quality lifestyle,” said Nasima bint Yahya al Balushi, Director General of the Investors Services Centre at MoCIIP.

Oman currently ranks fourth globally in the 2024 Quality of Life Index, a Muscat Daily report noted.

The seven investment pathways

The Golden Residency offers flexibility, with applicants eligible through any one of seven qualifying routes, each with a minimum investment of OMR200,000, unless specified otherwise:

  1. Company establishment: Must be at least one year old, with the applicant’s stake in total assets valued at OMR200,000+.
  2. Real estate in ITCs: Ownership of completed residential, commercial, or tourism units with a title deed. If held through a company, a certified final balance sheet is required.
  3. Government development bonds: Bonds held in the applicant’s name with at least two years to maturity.
  4. Listed equities: Market value of publicly traded shares registered to the applicant must equal or exceed OMR200,000.
  5. Fixed bank deposit: OMR200,000+ placed in a local bank for five years, renewable throughout the residency term.
  6. Job creation: Ownership of a company employing at least 50 Omani nationals and capital exceeding OMR200,000.
  7. Foreign investment law companies: Companies registered under Oman’s foreign investment regime can nominate a partner or senior-level professional. More nominations are allowed as capital scales up.

Comprehensive residency benefits

The Golden Residency is structured to offer an appealing lifestyle and business-friendly perks, including:

  • Fast-track lanes at airports and border crossings.
  • Family inclusion, covering first-degree relatives without limit on number or age.
  • Real estate ownership rights beyond ITC zones, subject to legal restrictions; ownership is transferable.
  • Permission to employ up to three domestic workers.
  • Ability to issue visit visas for extended family members.

Residency holders will also have access to the Invest in Oman platform, which offers end-to-end services from business establishment to expansion.

Global outreach strategy

To ensure broad international participation, the government has partnered with Alam Al Hijrah (Migration World), a state-accredited investment migration consultancy established in 2007. With a global presence in over 60 locations across North America, Europe, Asia, the Middle East, and beyond, the firm is tasked with promoting the programme internationally.

Activities include digital marketing, participation in investor summits, and strategic alliances, all in coordination with MoCIIP.

“By linking residency to tangible financial inputs, like equity, bonds, real estate, and job creation, Oman is sending a clear message: it is open for serious, long-term business,” said a government spokesperson.

Elite companies programme launched

In parallel with the Golden Residency rollout, MoCIIP also introduced another reform-driven initiative: the Elite Companies programme.

Developed in collaboration with the Ministry of Labour, Tax Authority, Royal Oman Police, and the Oman Chamber of Commerce and Industry, the programme seeks to recognise and empower high-performing Omani companies.

Eligible companies will be classified into three categories based on governance, economic contribution, and operational efficiency. To qualify, a company must:

  • Be legally registered in Oman
  • Employ at least one Omani national
  • Comply with all relevant laws and regulations

Additional evaluation metrics include company age, revenue, export volume, Omanisation rate, and market presence.

The initiative aims to support these firms’ domestic and international growth, while fostering innovation, competitiveness, and a stronger Omani private sector.

Strategic vision for a new era

The dual launch of the Golden Residency and Elite Companies programmes marks a pivotal moment in Oman’s economic reform journey. By combining investor-friendly policies with incentives for local business excellence, Oman aims to build a resilient, diversified, and globally integrated economy.

“These programmes are not just policy shifts, they are strategic moves towards realising Oman Vision 2040,” said an MoCIIP official. “We are building the foundation for a thriving, innovative economy that competes on the world stage.”

UAE cyber body warns of rising breaches linked to public wi‑fi use

The council said insecure Wi‑Fi networks can facilitate “man-in-the-middle” attacks and redirections to fake sites, to the installation of spyware or malware

Gulf Business
Gulf Business

01 September, 2025

UAE cyber body warns of rising breaches linked to public wi‑fi use
Image: Getty Images/ For illustrative purposes

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The UAE Cyber Security Council (CSC) has issued a warning about the increasing risks of using open public wi‑fi networks after recording over 12,000 breaches through such connections since the start of the year, according to a recent report by state news agency, WAM.

According to the council, these incidents account for nearly 35 per cent of all cyberattacks reported in the UAE this year, underscoring the vulnerabilities posed by unsecured networks that hackers exploit to steal passwords, banking details, and personal information.

The CSC stressed the need for caution when connecting to free or untrusted Wi‑Fi, particularly in cafes, airports, and shopping centres, and urged users to adopt safety measures such as multi-factor authentication, trusted security tools, and the use of reliable virtual private network (VPN) applications.

Dr. Mohammed Al Kuwaiti, head of cyber security for the UAE government at the CSC, told WAM that under the directives of the country’s leadership, the council continues its efforts to build a secure cyber environment, strengthen trust in the digital ecosystem, and raise awareness around safe digital practices.

Building cyber resilience with three steps

To help users stay protected online, the council offered three key recommendations:

  1. Use a trusted VPN to encrypt digital connections.
  2. Enable “safe browsing” features in web browsers.
  3. Avoid logging in to sensitive accounts, such as banking or personal email, over public wi‑fi networks.

The CSC also noted that insecure wi‑fi networks can facilitate various types of cyber threats, from “man-in-the-middle” attacks and redirections to fake sites, to the installation of spyware or malware without users’ knowledge.

The council’s Cyber Pulse awareness campaign has returned this year on social media, marking its second edition, and is part of broader national initiatives to enhance cyber resilience and digital hygiene across both institutions and individuals.

Read: Cisco outlines 5 steps to boost cybersecurity in UAE healthcare sector

Dubai goes digital: New licensing system transforms airport security

It supports the objectives of the Dubai Economic Agenda D33 and reinforces international trust in Dubai’s aviation security framework

Gulf Business
Gulf Business

01 September, 2025

Dubai goes digital: New licensing system transforms airport security
Image credit: Dubai Media Office/ Website

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In a major step to enhance aviation security, the Dubai Civil Aviation Authority (DCAA), in collaboration with the Dubai Police General Command, has officially launched the Digital Security Screener Licensing System for all security screeners operating across Dubai’s airports.

The initiative is aligned with both national and international standards and reflects the shared commitment of the two entities to develop specialised competencies and ensure long-term sustainability in aviation security, a Dubai Media Office report said.

The launch ceremony was attended by top government officials, including Mohammed Abdulla Lengawi, Director General of the DCAA; Major General Harib Al Shamsi, Acting Commander-in-Chief of Dubai Police; Obaid Al Nuaimi, Executive Director of the Aviation Security and Accident Investigation Sector; and Ahmad Belqaizi, Executive Director of the Aviation Safety and Environment Sector. Also in attendance were Major General Marwan Julfar, Acting Assistant Commander-in-Chief for Port Affairs; Brigadier Hamed Al Hashmi, Acting Director of the General Department of Airport Security; and his deputy, Brigadier Hamad Bin Dilan, along with other senior officials.

Strengthening strategic partnerships and global standing

The system launch represents a broader strategic alignment between the DCAA and Dubai Police. It supports the objectives of the Dubai Economic Agenda D33 and reinforces international trust in Dubai’s aviation security framework. The initiative contributes to building a fully integrated ecosystem that aligns with the Government of Dubai’s vision of maintaining world-class safety standards and establishing Dubai as a premier global aviation hub.

Speaking at the ceremony, Mohammed Abdulla Lengawi emphasized the significance of adopting smart technologies and modern tools in aviation security.

“The launch of the Digital Security Screener Licensing System reflects our firm commitment to security compliance at the highest level,” he said. “This system enables the integration of smart technologies, enhancing both efficiency and effectiveness across the security framework. It also supports the sustainability of aviation security and reinforces Dubai’s position in the global aviation sector.”

Innovation and readiness: Cornerstones of aviation security

Major General Harib Al Shamsi also underscored the importance of a comprehensive and adaptive security strategy to ensure Dubai’s continued leadership in global aviation.

“Innovation is essential in responding to the rapid evolution of the aviation industry,” he noted. “Together with our strategic partners, we are committed to continuous development, through smart analysis tools, specialised training, and adoption of best practices, to maintain operational resilience and global competitiveness.”

The visit featured demonstrations of advanced security systems and digital technologies designed to support aviation operations in Dubai.

These systems are expected to play a vital role in reinforcing safety, improving efficiency, and aligning with long-term strategic goals.

This latest initiative not only highlights institutional cooperation between the DCAA and Dubai Police but also showcases Dubai’s continued investment in secure, innovative, and future-ready aviation infrastructure.

New rule: India mandates stricter passport photo specs for applicants

Passport applications will only be accepted if the photos adhere to these ICAO biometric specifications, emphasising alignment with international travel standards

Neesha Salian
Neesha Salian

01 September, 2025

New rule: India mandates stricter passport photo specs for applicants
Image: Getty Images/ For illustrative purposes

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Indian expatriates in the UAE will need to submit passport photographs that meet International Civil Aviation Organization (ICAO) standards starting September 1, the Indian Consulate in Dubai announced last week.

The change follows a directive from India’s Ministry of External Affairs, communicated to embassies and consulates globally.

Here are the new passport photo specs for Indian passports

The updated regulations require photos in colour, sized at 630 × 810 pixels (or 2×2 inches if printed), against a plain white background.

The face must occupy 80–85 per cent of the frame with a neutral expression, eyes open, and both edges of the face visible.

Photographs must also be sharp, evenly lit, and free of shadows, digital alterations, reflections, or filters.

Head coverings are allowed only for religious reasons, and glasses must be removed to avoid reflections.

Passport applications can be rejected if photo standards are not met

In its announcement, the Consulate’s Press Wing stated that from September 1, passport applications will only be accepted if the photos adhere to these ICAO biometric specifications, emphasising alignment with international travel standards.

Applicants have been advised that most existing photographs will no longer be valid, and fresh compliant images will be required.

Read: Saudi Arabia: VFS Global, Indian embassy simplify passport renewal, attestation for Indians

Dubai launches paid parking zones in Al Jaddaf, adjusts tariffs

This step aligns with Dubai’s wider push to better regulate parking in high-traffic areas

Gulf Business
Gulf Business

01 September, 2025

Dubai launches paid parking zones in Al Jaddaf, adjusts tariffs
Image: Parkin

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Dubai’s public parking operator, Parkin, has introduced two new paid parking zones in Al Jaddaf: Zone 326C (on-street) and Zone 326D (off-street), as part of the city’s peak and off-peak tariff system.

The zones, announced on August 31, will enforce charges from Monday to Saturday, 8am to 10pm.

Paid parking tariffs for new zones

Tariffs are set at Dhs4 per hour during peak periods and Dhs2 during off-peak hours.

Zone 326C has a maximum fee of Dhs16 for four hours, while Zone 326D’s ceiling is Dhs20 for 24-hour parking.

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A post shared by Parkin (@parkinuae)

Parking remains free on Sundays and public holidays.

Clear signboards marking these areas have been installed, according to the social media post by Parkin.

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