A number of Western firms have set up in the UAE and related Gulf region in recent years.

Union Bancaire Privée said yesterday that it has officially opened an office in Riyadh, Saudi Arabia.

The Geneva-headquartered firm has appointed Mishal Alhawas as CEO and head of advising for Saudi Arabia, it said in a statement. Based in Riyadh, Alhawas will oversee UBP’s operations in the Kingdom.

Alhawas brings more than 25 years of expertise in wealth and asset management. Before joining UBP in June 2025, he served as asset management head at Alawwal Invest and was managing director of the investment placement division at Sidra Capital. 

“The opening of our Riyadh office represents a significant step forward in our presence across the GCC,” Mohamed Abdellatif, co-head of Middle East and Africa at UBP, said. 

UBP said it has been active in the Middle East for more than 20 years, initially covering the region from Switzerland before establishing its UAE office in the Dubai International Financial Center in 2011. The bank has about 100 professionals worldwide and over 40 professionals in situ who manage more than SFr15 billion ($18.5 billion) in assets for clients in the Middle East.

A number of Western firms have set up in the UAE and related Gulf region in recent years. Also this week, London-headquartered Bentley Reid opened its Dubai office, Bentley Reid (DIFC). UBS, for instance, has opened an Advisory Office in the Abu Dhabi Global Market (ADGM). US-headquartered investment manager Brown Advisory also opened its first office in the ADGM.