UBS Saudi Arabia has received approval from the Capital Market Authority (CMA) to commence securities business activities in the Kingdom of Saudi Arabia. The move would enable the bank to expand its presence in the Middle East. As a result, UBS Saudi Arabia is preparing to provide services to government, corporate and individual clients covering wealth management, investment banking, fixed income sales and execution, and institutional asset management.
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.
John Fraser, chairman and CEO of UBS Global Asset Management, UBS AG group executive board member and chairman of UBS Saudi Arabia, said: “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.”
Mohamed Sammakia, CEO of UBS Saudi Arabia commented: “Saudi Arabia is the dominant market in the Gulf 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.”
