UBS, one of the world's leading financial firms, has announced plans to launch operations in Saudi Arabia, as part of its Middle East expansion.

UBS said it has been granted conditional authorisation by the Capital Markets Authority (CMA) to set up operations in the kingdom.

UBS is the leading global wealth manager, a leading global investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.

John Fraser, chairman and CEO of UBS Global Asset Management and group executive board member will also become chairman of UBS Saudi Arabia, and Mohammed Al Dhoheyan, currently CEO of the Development and Management House for Investments (an existing CMA regulated firm), will assume the role of vice chairman.

Commenting on this announcement Fraser said: “With over 40 years’ experience in the region our decision to set up operations in the Kingdom of Saudi Arabia is further  evidence of UBS’s long-term commitment to the Middle East and marks yet another important milestone for the firm in this very exciting and significant market.”

“The CMA approval gives us the opportunity to extend our world leading position in wealth management in the region, but also brings us closer to our asset management and investment banking clients in Saudi Arabia,” Fraser added.

Following the final approval of the CMA and other relevant authorities, UBS Saudi Arabia plans to open by year end, he said.

UBS Saudi Arabia will focus on UBS’s global core securities businesses offering international and domestic clients comprehensive Wealth Management, Asset Management and Investment Banking services.

Meanwhile, Mohamed Sammakia has been appointed as the CEO of UBS Saudi Arabia. Currently a managing director in UBS’s Fixed Income division and president of the Middle East Region based in London, Sammakia’s longstanding career within the Middle East and North Africa spans morethan 30 years.

He has a proven track record and been instrumental in numerous high profile UBS deals in the region, said a statement.

In another development, UBS has made an application to the Qatar Financial Centre Regulatory Authority for a licence to open and operate a branch in the Qatar Financial Centre.

As part of its long term expansion in the Middle East, UBS also announced today that it plans to:

• Expand its regional IBD team - having recently appointed Christopher Niehaus as joint head of Investment Banking MENA - by more than double by end of 2008;

• Establish regional coverage of Middle East stocks out of the UAE by end 2008 – UBS recently initiated economic coverage of the UAE via the European Economics Research Team in London. - TradeArabia News Service