JPMorgan Appoints New Head of Investment Banking in Saudi Arabia - Bloomberg
JPMorgan Chase & Co. has appointed Omar El Amine Fichtali as head of investment banking in Saudi Arabia, according to an internal memo seen by Bloomberg News.
The move comes weeks after one of the lender’s top bankers in the kingdom, Fahad Al-Deweesh, left to join Citigroup Inc. as competition for banking talent in the region’s biggest economy heats up.
El Amine Fichtali joined JPMorgan’s London office in 2007 with a focus on technology, media and telecommunications investment banking and has worked in various roles with the Middle East and North Africa investment banking team in Dubai and Riyadh.
He will work closely with Bader Alamoudi, senior country officer for Saudi Arabia, and Khalid Fayez, head of corporate banking for JPMorgan in the kingdom.
A spokeswoman for the bank confirmed the contents of the memo.
Saudi Arabia is becoming an increasingly important market for global banks as the kingdom embarks on a plan to diversify its economy away from oil by selling stakes in state-owned companies and investing in new industries.
Even as the global financial community contends with layoffs and lower bonuses, banking jobs remain plentiful in the kingdom and salaries are surging. State vehicles such as the Public Investment Fund are also actively recruiting.
JPMorgan is working on Saudi Arabia’s biggest initial public offering of the year so far, the $336 million float of generic drugmaker Jamjoom Pharmaceuticals Factory Co.
Saturday 27 May 2023
#UAE stocks rise as oil prices rise on US debt deal optimism | Reuters
UAE stocks rise as oil prices rise on US debt deal optimism | Reuters
Stock markets in the United Arab Emirates closed higher on Friday as oil prices rose following progress in talks over increasing the U.S. debt limit.
U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government's $31.4 trillion debt ceiling for two years while capping spending on most items, a U.S. official told Reuters.
Meanwhile, oil prices, a major driver for Gulf economies, rose on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, with Brent crude up 54 cents at $76.80 a barrel at 1159 GMT.
Stock markets in the UAE were stable as traders adjust their expectations following optimism over global economic conditions amid progress in U.S. debt ceiling deal, said Ahmed Negm, Head of Market Research MENA at XS.com.
In Abu Dhabi, the benchmark index (.FTFADGI) added 0.6%, after a third consecutive session of decline, bolstered by a 1.6% jump in Telecoms firm e& (EAND.AD), formerly known as Emirates Telecommunications Group.
E& said in a bourse filing it had completed forming a joint venture with Bespin Global to offer public cloud managed and professional services in the Middle East, Turkey, Africa and Pakistan. The company has also invested $60 million in Bespin Global in exchange for about 10% stake.
First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' largest lender was also up 0.8%.
In Dubai, the main share index (.DFMGI) rose 0.4%, ending three straight days of losses, with blue-chip developer Emaar Properties (EMAR.DU) advancing 0.7% and Mashreqbank (MASB.DU) climbing 3.3%.
Stock markets in the United Arab Emirates closed higher on Friday as oil prices rose following progress in talks over increasing the U.S. debt limit.
U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government's $31.4 trillion debt ceiling for two years while capping spending on most items, a U.S. official told Reuters.
Meanwhile, oil prices, a major driver for Gulf economies, rose on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, with Brent crude up 54 cents at $76.80 a barrel at 1159 GMT.
Stock markets in the UAE were stable as traders adjust their expectations following optimism over global economic conditions amid progress in U.S. debt ceiling deal, said Ahmed Negm, Head of Market Research MENA at XS.com.
In Abu Dhabi, the benchmark index (.FTFADGI) added 0.6%, after a third consecutive session of decline, bolstered by a 1.6% jump in Telecoms firm e& (EAND.AD), formerly known as Emirates Telecommunications Group.
E& said in a bourse filing it had completed forming a joint venture with Bespin Global to offer public cloud managed and professional services in the Middle East, Turkey, Africa and Pakistan. The company has also invested $60 million in Bespin Global in exchange for about 10% stake.
First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' largest lender was also up 0.8%.
In Dubai, the main share index (.DFMGI) rose 0.4%, ending three straight days of losses, with blue-chip developer Emaar Properties (EMAR.DU) advancing 0.7% and Mashreqbank (MASB.DU) climbing 3.3%.