UBS to expand footprint, increase staff in Saudi

Swiss banking giant UBS is looking at replicating the success of its Dubai business model in Saudi Arabia, Gulf News reported, citing Ali Janoudi, the head of wealth management Central and Eastern Europe, Middle East and Africa.

“Saudi Arabia is a key market in our business strategy and we aim to mirror the growth we have recently achieved in Dubai in line with the country’s transition plans,” Janoudi told the daily.

“Saudi Arabia remains an important market for UBS and having had a physical onshore presence for nearly 10 years now, we are clearly committed to our clients in the country. One of our priorities is to continue to attract the best talent and we have recently invested in hiring key senior people."

According to Janoudi, the regional market is changing which offers a number of opportunity for the bank.

“There are economic and demographic transformations happening all over the Middle East, but in particular in the UAE and Saudi Arabia. Women and millennials are taking increasingly visible roles in the financial sector and also in the management of family wealth and assets,” he added.

Several international lenders and banks such as Goldman Sachs, Citigroup, BNP Paribas, and First Abu Dhabi Bank are looking to step up their presence in the Kingdom, as the world’s top oil exporter undertakes a series of reforms to overhaul its economy.