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29 March 2024

Saudi unit to kick-start UBS's regional expansion

The Swiss bank has also applied for a licence to operate in Qatar (REUTERS)

Published
By Staff Writer
Swiss banking giant UBS aims to launch an investment and corporate banking affiliate in Saudi Arabia this year and is plans to expand in other Gulf countries, the lender said yesterday. The bank has also won a licence to open an investment banking branch in Saudi Arabia.

The bank is joining a growing list of Western banks boosting their presence in the booming Gulf, which is struggling to manage excessive liquidity from record oil receipts and a slowdown in the industrialised economies.

The Swiss major has applied for a licence to operate in Qatar, which is expected to come through this year, a statement said.

The Saudi operation, called UBS Saudi Arabia, will enable the bank to extend its position in wealth management in the Gulf and aims to bring its activities closer to its asset management and investment banking clients in the Kingdom, John Fraser, Chairman and CEO of UBS Global Asset Management said in the statement.

Fraser will become Chairman of UBS Saudi Arabia. Vice-chairman Mohammed Al Dhoheyan, whose Development and Management House for Investments gave up its licence for UBS Saudi Arabia, said the new entity may start by the end of 2008.

UBS Saudi Arabia will focus on UBS's global core securities businesses offering international and domestic clients wealth management, asset management and investment banking services. UBS has named Mohamed Sammakia Chief Executive of UBS Saudi Arabia. Sammakia is currently managing director of UBS's fixed income division and president of the Middle East.

"The CMA approval gives us the opportunity to extend our world leading position in wealth management in the region, but also brings us closer to our asset management and investment banking clients in Saudi Arabia," Fraser said.

UBS said Sammakia will be responsible for setting up UBS's new operations in the Kingdom.