JPMorgan Chase & Co. (JPM) hired senior bankers from Rothschild and Standard Chartered PLC (STAN) for its investment banking business in the Middle East.
The New York-based bank named Majed Al Mesmari, previously at Rothschild, as head of investment banking coverage in the United Arab Emirates, it said in a statement today. Fahad Al-Deweesh has joined from British lender Standard Chartered to lead investment banking coverage in Saudi Arabia, a spokeswoman for the bank said separately. The new hires will report to Karim Tannir, who oversees investment banking for the Middle East and North Africa.
JPMorgan is expanding its presence in the Middle East, hiring executives from banks including Nomura International PLC and HSBC Holdings PLC. (HSBA) It appointed Asif Raza to lead its corporate banking business for the Middle East and North Africa in March, and promoted Rayan Fayez to senior country officer for Saudi Arabia in December.
Al Mesmari worked as a director at Rothschilds global financial advisory business for more than five years. Al-Deweesh was most recently the head of Standard Chartereds capital markets business in Saudi Arabia.
Investment banking activity in the Gulf region is improving as companies take advantage of buoyant financial markets to sell shares and make acquisitions. JPMorgan was one of the joint global coordinators and bookrunners on the $1.6 billion initial public offering of property group Emaar Malls Group PJSC in Dubai last month.
UBS AG is relocating Alberto Palombi, head of the investment banks global sovereign wealth fund business, to Dubai from London, people familiar with the matter said in April. Goldman Sachs (GS) and Renaissance Capital Ltd. are among other banks adding to their equity business in Dubai, according to people with knowledge of the matter.
Barclays Plc appointed former Goldman Sachs Group Inc. executive Khaled Eldabag as co-head for investment banking in the Middle East and North Africa last month.
JP Morgan is the top arranger of equity and equity-linked offerings in the MENA region this year, according to data compiled by Bloomberg. Its the second-largest underwriter of debt sales from the region, behind HSBC.