JPMorgan expands its presence in Dubai to focus on midcap companies in the Middle East, challenging rivals like Citigroup. This move is part of a broader strategy to increase revenue streams beyond large blue-chip firms. The global financial institution aims to tap into the region’s expanding markets and oil wealth. Competitors like Barclays and Goldman Sachs have also made recent moves in the Middle East. Citi acknowledges the increased competition in the UAE and emphasizes the importance of strategic investments in people and capital. JPMorgan is considering expanding its midcap company coverage in Turkey and has relocated a banker to Dubai to focus on serving smaller companies.

Read more at Yahoo Finance: JPMorgan expands in Dubai to target medium-sized firms: report