Jean-Christophe Durand, regional director for the GCC region at the French bank, says the increase will come evenly across all business lines.

He adds that the bank is also hoping to launch a number of new operations in Saudi Arabia to help boost revenues.

BNP is expected to be granted a licence by the Capital Market Authority (CMA) in Saudi Arabia, which will allow it to play a greater role in investment banking in the kingdom. It will also soon launch an asset management business in collaboration with Saudi Investment Bank (SAIB).

Other new products include a $200-400m Middle East and North Africa region private equity fund, which will be run from the bank’s Bahrain office.

Durand denies that the current turbulence in the financial market had resulted in a downturn in deal flow for the bank’s regional investment banking team, which he adds is performing ahead of its targets for the year.