"A Kuwaiti sheikh is suing UBS AG (UBSN.VX) for $21.4 million, alleging the Swiss bank failed to pay him for helping it become lead arranger on a $9 billion asset sale by the Kuwaiti telecommunications operator Zain, a Dubai court heard on Sunday.
The case highlights the complexity of doing business in the Gulf, where personal connections to high-ranking officials or executives are often valued in deal-making.
Sheikh Meshal Jarah al-Sabah, a member of Kuwait's ruling family, says UBS recruited him with a verbal contract in July 2009 to help scupper the French media conglomerate Vivendi's (VIV.PA) bid to acquire Zain's (ZAIN.KW) operations in about 15 African countries. UBS denies the allegation."
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