eFinancialCareers

Forget the 2,600 investment banking redundancies in its western operations and the $37bn in subprime-related writedowns, UBS is in expansion mode in the Middle East.

Having gained a licence to operate in Saudi Arabia, the bank will be moving fixed income banker Mohamed Sammakia over to head the office and is also applying for a licence to set up in Qatar.

UBS currently employs around 100 bankers in the GCC and plans to up that number to 150 by the end of 2008, and could double it within 18 months, according to Peter Burnett, chairman of the bank in the Middle East.

It’s also transferred six top investment bankers across to its Dubai operations.

The influx of international banks into Saudi has put more strain on the already limited talent pool. Banks are therefore desperate to attract candidates with both international and regional experience back to the kingdom. This is the route UBS seems to be taking.

Burnett says: “The second or third generation have been educated overseas and are returning to spend their careers in the Gulf.”

Bill Allum, managing director of search firm Napier Scott, says: “Western expats looking to move to the GCC will usually look towards Dubai, Bahrain or Qatar before Saudi. The better bet would be to look at people already in the region, who possibly fly into the kingdom on business, who would be much more amenable to the idea of moving there.”

Ian Thomas, head of international recruitment at Banque Saudi Fransi, says the kingdom offers its own rewards: “Dubai is becoming a victim of its own success. The accommodation cost is incredibly high, the traffic is terrible and the construction constant. It’s much easier to make – and save – money in Saudi.”

UBS intends to build research and brokerage businesses covering Middle Eastern stocks on-the-ground by year-end – rather than running them from its London office as is currently the case. Overall, its business in the kingdom will be focusing on equity research, M&A advisory work and infrastructure investments.