UBS invests in regional expansion

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UBS plans to start operations in KSA and Qatar and is beefing up its regional investment banking arm.

UBS has unveiled a number of measures aimed at significantly boosting its business in the Middle East.

In Saudi Arabia, the bank has been granted conditional authorisation by the Capital Markets Authority (CMA) to establish operations in the country.

An application has been made to the Qatar Financial Centre Regulatory Authority for a licence to open and operate a branch in the Qatar Financial Centre.

The bank is also expanding its regional investment banking division (IBD) and improving its coverage of regional stocks.

UBS will appoint Mohamed Sammakia as CEO of UBS Saudi Arabia subject to receiving regulatory approval. He is currently a managing director in UBS's fixed income division and president of the Middle East region based in London.

John Fraser, chairman and CEO of UBS Global Asset Management, will become chairman of UBS Saudi Arabia.

Fraser said: "With over 40 years' experience in the region, our decision to set up operations in the Kingdom of Saudi Arabia is further evidence of UBS's long-term commitment to the Middle East and marks yet another important milestone for the firm in this very exciting and significant market.

"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 the Kingdom of Saudi Arabia."

Subject to receiving approval, UBS Saudi Arabia plans to open by the end of the year. UBS Saudi Arabia will focus on wealth management, asset management and investment banking services.

To bolster its investment banking business in the region, UBS appointed Christopher Niehaus as joint head of investment banking MENA and has pledged to increase headcount by the end the year. Regional stocks will be also covered from the UAE by the end of the year.

Per E Larsson, who was recently head of Dubai International Financial Exchange, has come on board as CEO for UBS in the Middle East and North Africa (MENA). Larsson will join UBS on October 1 and will be based in Dubai, reporting to Alex Wilmot-Sitwell, chairman & CEO, UBS Group, EMEA.

Michel Adjadj will be appointed chairman for UBS MENA, in addition to his current role as head of UBS's Eastern Mediterranean, Middle East and African Wealth Management business.

In February 2008, UBS Global Asset Management joined forces with Abu Dhabi Investment Company to form a 50/50 joint venture to develop, promote, and manage infrastructure funds focused on the MENA region.

The joint venture's first fund ‘ADIC-UBS Infrastructure Fund I' will be a US $500 million fund, which is expected to launch before the end of 2008.

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