Swiss wealth manager UBS is expanding its presence in the Mena market after signing a memorandum of understanding (MoU) with the Investment Promotion Agency of Qatar (IPA Qatar).
The agreement, signed by IPA Qatar chairman Ali Bin Ahmed Al-Kuwari and UBS’s top executives, chairman Axel Weber and the newly installed chief executive, Ralph Hamers, paves the way for UBS to launch wealth management operations in the country.
It also includes an agreement to collaborate on future opportunities and support the development of Doha as a leading financial services hub, according to a statement from the IPA.
As one of the leading global producers of liquid gas, Qatar has a wealthy population with one of the highest income levels in the world. However, its financial services sector has been impacted by an ongoing political and economic stand-off with other states in the Gulf Cooperation Council.
UBS currently has offices in Saudi Arabia, Bahrain and the UAE. Its wealth management division recently posted global profits for the last quarter of US$1.1 billion, its highest return since 2011.
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