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Tue 14 Jul 2009 02:00 PM

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UBS given approval for Saudi securities business

UBS Saudi Arabia has been given approval by the Capital Market Authority.

UBS given approval for Saudi securities business
SAUDI EXPANSION: UBS plans to expand its presence in the Middle East. (Getty Images)

UBS Saudi Arabia has been given approval by the Capital Market Authority (CMA) to commence its securities business in the kingdom.

The banking and investment firm plans to expand its presence in the Middle East and said this marked “a further step towards the firm’s goal of becoming one of the region’s leading financial services providers.”

Services offered by the Riyadh-based firm include wealth management, investment banking, fixed income sales and execution, and institutional asset management.

Mohamed Sammakia, CEO of UBS Saudi Arabia, said: “Saudi Arabia is the dominant market in the Gulf region and, as such, we are very determined to make this business a success.”

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

“With over 40 years’ experience in the region, our decision to establish UBS Saudi Arabia in the kingdom is further affirmation of UBS’s long-standing commitment to the Middle East and marks yet another important milestone in this very critical and substantial market,” John Fraser, chairman and CEO of UBS Global Asset Management, UBS AG Group executive board member and chairman of UBS Saudi Arabia.

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