UBS Saudi Arabia has received regulatory approval to commence securities business activities in the Kingdom, a development which the Swiss bank says will further enable its Middle East expansion.

UBS Saudi Arabia is based in Riyadh, and following approval from the Saudi Capital Market Authority, will provide government, corporate and individual clients with wealth management, investment banking, fixed income sales and execution, and institutional asset management services.

In establishing its Saudi business, UBS has partnered with local parties including Mohammed Al Dhoheyan, previously chief executive of the Development and Management House for Investments, and MerchantBridge, an equity house investing in the Middle East.

“We are delighted with the approval to commence business in Saudi Arabia and look forward to providing top quality financial and securities business services to our clients in the Kingdom,” said John Fraser, chairman and CEO of UBS Global Asset Management and chairman of UBS Saudi Arabia.

“With over 40 years’ experience in the region, our decision to establish UBS Saudi Arabia in the Kingdom is further affirmation of UBS’s long-standing commitment to the Middle East and marks yet another important milestone in this very critical and substantial market.”