UBS unit to open in Saudi Arabia

Swiss bank UBS said it had received approval from the Capital Market Authority (CMA) of Saudi Arabia to commence securities business activities in the kingdom.

It enables the firm to expand its presence in the Middle East and marks a further step towards the firm’s goal of becoming one of the region’s leading financial services providers.

In establishing UBS Saudi Arabia, UBS has partnered with local interests including Mohammed Al Dhoheyan, previously CEO of the Development and Management House for Investments, and MerchantBridge, an equity house investing in the Middle East.

Mohamed Sammakia, CEO of UBS Saudi Arabia, said: “Saudi Arabia is the dominant market in the region and, as such, we are very determined to make this business a success. In particular we are very proud of the excellent team already on the ground that will support our local clients and capitalise on the myriad of opportunities within the kingdom”.

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