UBS has unveiled plans to expand its footprint in the Middle East by venturing into the wealth management market of Qatar.
The Zurich-based bank's CEO Ralph Hamers and chairman Axel Weber signed a memorandum of understanding with the country's Investment Promotion Agency. The MoU sets forth a preliminary pact in principle for establishment of a significant UBS Wealth Management operation in Doha and collaboration on future opportunities supporting the development of Doha as a leading financial services hub.
In addition to strengthening the financial services market infrastructure in Qatar, the IPA Qatar-UBS MoU is also expected to support the acceleration of financial digitisation in Qatar, enhance efficient interaction between financial markets internationally, and support local talent development.
The country is one of the world's largest producers of liquid gas, which made Qatar extremely wealthy. Today, the country's population enjoys one of the highest income levels in the world.
So far, UBS had not been active in Qatar. The bank has offices in Saudi-Arabia, Bahrain, Dubai, and the United Arab Emirates.