The Swiss bank also plans to double its investment banking staff in the region.

It has been granted a licence by the Capital Market Authority (CMA) in Saudi Arabia and plans to begin offering investment banking and wealth management services in the kingdom by the end of the year.

In addition, UBS has applied to the Qatar Financial Centre Regulatory Authority (QFCRA) for a banking licence to operate in the Qatar Financial Centre (QFC).

It will also establish a regional research team, based in the UAE, which will produce equity research on Middle East stocks.