JPMorgan Chase & Co. is opening a branch of its private bank in Dubai’s financial center, joining a wave of global lenders expanding their wealth businesses in the Middle East despite the regional war. The new office in the Dubai International Financial Centre will give JPMorgan Private Bank a dedicated platform to serve clients across the United Arab Emirates and the wider region, according to a statement Monday.

The US firm has more than tripled its Dubai-based private banking team over the past year ahead of receiving authorization for the branch. The business is led locally by Selim Elgen, UAE market head and senior executive officer, and regionally by Karim Rekik, head of the Middle East. “The UAE and the broader Middle East represent a significant and growing opportunity for us as a business and for our clients,” Rekik said in the statement.

Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region. Dubai has continued to draw financial firms, wealth managers and family offices despite the monthslong Iran war, helped by its low-tax regime and legal framework based on English common law. A string of rival banks have also expanded their wealth operations in the region in recent months. Barclays Plc has lately bolstered its Gulf private bank with hires including Pritash Mathur, Belal Mohammed and Murtaza Gilani, according to a spokesperson. The British bank also relocated equity capital markets banker Nikita Turkin to Dubai from London in an expanded Middle Eastern role.

He will help originate and execute transactions and advise clients on capital structure, strategic options and long-term financing plans, the bank said. HSBC Holdings Plc, meanwhile, is relocating senior executive Sami Abouzahr to Dubai from Hong Kong to lead its international wealth and premier banking business for the UAE and Middle East, Bloomberg News has reported. The bank is also launching a wealth management center in neighboring Abu Dhabi after opening one in Dubai last year.