UBS to expand into Saudi Arabia

EXPANSION PLAN: UBS has won authorisation to set up in Saudi Arabia. (Getty Images)

Swiss Investment bank UBS said on Tuesday it has been given the green light to set up operations in Saudi Arabia as it looks to tap growth in the world's top oil exporter.

The firm said it has been granted conditional authorisation by the Capital Markets Authority (CMA). It said UBS Saudi Arabia plans to launch by the end of the year once it gains final approval from the CMA.

Company bosses said the move was evidence of "UBS’s long-term commitment to the Middle East".

It is proposed that Mohamed Sammakia become CEO of UBS Saudi Arabia subject to receiving the usual regulatory approvals.

UBS said it Saudi operation will focus on UBS’s global core securities businesses offering international and domestic clients wealth management, asset management and investment banking services.

UBS said it has also made an application to the Qatar Financial Centre Regulatory Authority (QFCRA) for a licence to open and operate a branch in the Qatar Financial Centre (QFC).

UBS employs more than 80,000 people around the world. Its shares are listed on the Swiss Stock Exchange (SWX), the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

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