UBS plans to expand in the Middle East

08 July 2008
UBS has launched a number of initiatives to expand its presence in the Middle East, including the launch of investment banking operations in Saudi Arabia and the application for a banking licence in Qatar.

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.

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