Stock Groups

UBS eyes Mideast expansion with new wealth desk in Dubai -memo -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO – The UBS logo is displayed at the Zurich branch of Swiss Bank UBS, on June 22, 2020. REUTERS/Arnd Wiegmann/File Photo

DUBAI, (Reuters) – UBS will open a new Dubai wealth desk that provides coverage in Oman, Kuwait and a dedicated team of sales to drive business growth in Middle East. According to an internal memo.

The note, which was seen by Reuters said that “the new desk will take charge of the markets to which we will focus increased attention out of this area going forward.”

Anterior Credit Suisse (SIXTH:) Georges El Khoury is a banker who will serve as desk head for Dubai. Other members of the team include Ilyad Junedi, Sarika Chaudwani and Abdul Latif. They will also cover Oman, Kuwait, and the United Arab Emirates.

Raoul Rahmem worked for Barclays The note stated that Credit Suisse and (LON:), will head DIFC sales. DIFC, Dubai’s financial free zone is.

According to the note, Ross MacMillan as well as Elan Basier will make up his team.

UBS hired Tarek Eido (HSBC senior banker) as the head of wealth management in Qatar earlier in the year as part of its plans to open a wealth office in Doha.

According to Capgemini Research Institute’s World Wealth Report 2021 published last year, both the number and the wealth of Middle East millionaires grew.

Study showed that the population of people with high net worth grew 6.8%, to 0.8million, and their wealth increased 10.7%, to $3.2 trillion by 2020.

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]