UBS, the global financial services giant, continues to expand its presence in the Middle East as it announces new hires to
strengthen its wealth management division
. The Swiss lender, which already has a significant presence in the region with offices in Abu Dhabi, Dubai, and Qatar, aims to capitalize on the growing wealth of individuals and families in the Middle East.
Some of the new hires
include Amir Shamshi, who joins as a managing director and head of UBS’s Middle East family office business. He previously worked at Goldman Sachs and Credit Suisse, where he was responsible for managing ultra-high net worth clients.
Another new recruit is
Mohammed Al-Mutawa, who comes on board as a managing director and head of UBS’s Gulf Markets team. He has over 20 years of experience in the financial services industry, having worked for institutions such as Merrill Lynch and J.P. Morgan.
According to UBS’s regional head of wealth management,
“These appointments are part of our ongoing commitment to provide the best possible service and advice to our clients in the Middle East.” “We are seeing significant growth in this region, and we want to ensure that we have the right people in place to help our clients navigate the complex financial markets,”
he added.
The new hires come at a time
when many other financial institutions are also expanding their presence in the Middle East, recognizing the region’s growing importance as a global economic powerhouse. With its deep expertise and extensive network of offices and advisors across the region, UBS is well positioned to capitalize on this trend and continue to grow its business in the Middle East.
UBS: A Global Leader in Wealth Management
UBS, the
wealth management
. With a global presence in more than 40 countries and over 60,000 employees, UBS offers a comprehensive range of services to its clients including personal financial advice, investment solutions, and corporate financial advisory. The bank is known for its expertise in wealth management, managing assets worth over $2.5 trillion as of 2021.
In recent years,
UBS
has identified the Middle East as a strategic region for growth in the wealth management industry. The Middle East’s growing economy, increasing population of high net worth individuals, and favorable business environment have made it an attractive market for international financial institutions. UBS has a significant presence in the Middle East, with operations in major cities such as Dubai, Abu Dhabi, and Doha.
The bank’s Middle East business focuses on providing personalized wealth management solutions to clients in the region, leveraging its global expertise and local knowledge. UBS’s offering includes investment advice, estate planning, tax optimization, and philanthropy services, among others. The bank also offers Shariah-compliant investment solutions to cater to the needs of clients in the region who follow Islamic finance principles.
UBS’s commitment to the Middle East is reflected in its investment in local talent and infrastructure. The bank has established a regional hub for its wealth management business in Dubai, which houses its Middle East and Africa (MEA) Wealth Management division. This division is led by a team of experienced professionals who have deep expertise in the local market and a strong understanding of clients’ needs.
In conclusion, UBS is a global leader in wealth management with a significant presence and focus on the Middle East. The bank’s expertise, local knowledge, and commitment to the region make it well-positioned to cater to the growing needs of high net worth individuals and families in the Middle East. With its strong track record, innovative solutions, and commitment to client service, UBS is set to continue its growth as a leading player in the Middle East’s wealth management industry.
Background: UBS’s Presence and Growth in the Middle East Wealth Management Market
UBS, the Swiss global financial services provider, has been actively expanding its footprint in the Middle East (ME) wealth management market over the last few decades. Established in 1931, UBS has built a strong reputation as a leading global financial institution, offering a broad range of services in personal and corporate banking, wealth management, and asset management.
Current Presence:
As of today, UBS’s Middle East operations encompass a network of eight representative offices and one fully-owned wealth management branch located in the United Arab Emirates (UAE), Saudi Arabia, and Qatar. The bank serves over 13,000 clients in the region, with total client assets amounting to CHF 40 billion (approximately USD 43.2 billion) as of December 202UBS holds a significant market share of around 13% in the ME wealth management market, making it one of the major players in this sector.
Key Milestones and Partnerships:
1977:
UBS established its first presence in the Middle East, opening an office in Bahrain.
1996:
UBS formed a strategic partnership with the National Bank of Abu Dhabi (NBAD) to create Union National Bank, which later became part of Emirates NBD.
2008:
UBS acquired a majority stake in Shuaa Capital, one of the leading investment banks in the Middle East.
2013:
UBS opened its first wealth management branch in the Middle East, located in Dubai.
Acquisitions:
In addition to partnerships, UBS has also made significant acquisitions in the Middle East to strengthen its presence. For instance, the bank acquired a majority stake in Bramer & Partners, an independent asset manager based in Dubai, in 2018, and later fully integrated it into UBS Global Asset Management.
I Recent Hires and Appointments
UBS, the global financial services provider, continues to strengthen its Middle Eastern business with recent strategic hires and appointments. These new additions bring diverse expertise in areas such as private banking, investment management, and wealth planning.
Meet the New Team Members:
Ahmed AlKhalifa
Ahmed joins UBS as a Senior Private Banker. With over 15 years of experience in the financial industry, he previously held senior positions at several leading Middle Eastern banks. His extensive knowledge and expertise in managing high net worth clients will be a significant asset to UBS’s growing client base.
Noura AlMansoori
A seasoned investment professional, Noura takes on the role of Head of Investment Solutions. With a PhD in Economics and over two decades of experience in investment management, she will lead UBS’s team of investment experts to provide tailored investment solutions for clients.
Mohammed AlMutawa
As the new Head of Wealth Planning, Mohammed will oversee UBS’s wealth planning team. His extensive background in taxation and financial planning, gained from top-tier consulting firms, makes him an ideal candidate to help UBS clients navigate their financial futures.
Implications for UBS’s Middle Eastern Business
These hires and appointments signify UBS’s commitment to enhancing services catering to diverse client needs and preferences in the Middle East. With their expertise, UBS aims to:
Strengthen relationships with key clients and stakeholders:
UBS intends to provide personalized services that cater to the unique circumstances of its Middle Eastern clientele. These new appointments will play a crucial role in building and maintaining strong relationships with both existing and prospective clients.
Expand UBS’s reach and presence in specific markets within the Middle East region:
The new hires represent a strategic expansion of UBS’s team, enabling it to tap into new markets and better serve clients in the Middle East. This will position UBS as a leading provider of financial services within the region.
Strategic Importance of the Middle East Market for UBS
UBS, the Swiss global financial services company, recognizes the economic, demographic, and socio-political factors contributing to the growth potential in the Middle Eastern wealth management market. This region is of significant strategic importance due to several reasons:
Rapidly Increasing Wealth and Disposable Income
The Middle East is currently witnessing an unprecedented economic boom, with the Gross Domestic Product (GDP) growing steadily over the past decade. The region’s economy is driven by an abundant supply of natural resources, primarily oil and gas, and significant investments in infrastructure projects. Consequently, there has been a rapid increase in wealth and disposable income among the population, creating a substantial market for wealth management services.
Diverse Cultural, Religious, and Linguistic Backgrounds
The Middle East is a diverse region with various cultural, religious, and linguistic backgrounds. This diversity presents both challenges and opportunities for wealth management firms like UBS. While managing such a complex and multifaceted client base requires extensive local knowledge, expertise, and cultural sensitivity, it also offers an opportunity to cater to the unique needs of different communities.
Stability in Some Markets Despite Geopolitical Challenges
Despite the geopolitical challenges and instability that have characterized parts of the Middle East in recent years, some markets have remained relatively stable. These markets present an attractive proposition for global financial service providers like UBS, as they offer a stable business environment and a large untapped market for wealth management services.
UBS’s Competitive Advantages in This Region
UBS’s competitive advantages in the Middle Eastern wealth management market include its:
Strong Global Brand
As a leading global financial services firm, UBS benefits from its strong brand reputation and recognition in the Middle East. This brand recognition enables the company to attract high net worth individuals seeking professional wealth management services.
Local Expertise
UBS has built a team of local experts with extensive knowledge of the region’s unique cultural, religious, and linguistic nuances. These experts enable UBS to offer tailored wealth management solutions that cater to the specific needs of its Middle Eastern clientele.
Commitment to Innovation and Sustainability
In a region that is undergoing rapid economic and technological change, UBS’s commitment to innovation and sustainability sets it apart from its competitors. The company’s investment in digital transformation and its focus on offering sustainable wealth management solutions align with the evolving needs of Middle Eastern clients and position UBS as a forward-thinking player in the market.
Conclusion:
UBS’s recent hires in the Middle East signify a deliberate and strategic move to strengthen its presence in this dynamic and growing region. These new appointments will enable UBS to enhance client services and offerings, catering to the diverse needs of an increasingly sophisticated clientele. By focusing on building strong relationships with clients and stakeholders, UBS is emphasizing its commitment to the Middle East as a strategic market for global wealth management firms. With substantial potential for growth in this region, UBS’s expansion plans are of significant interest to those following the wealth management industry. Stay informed about UBS’s developments in the Middle East and the region at large, as this market continues to reshape the global financial landscape.
