Aljazira Capital Co., the investment arm of Saudi Arabia’s Bank Al-Jazira (BJAZ), hired Samer Al-Jaouni as head of institutional brokerage and assistant general manager.
Al-Jaouni, previously general manager of Middle East Financial Brokerage Co. in Dubai, will start at the bank after regulatory approval, Luay Al-Motawa, head of international investment business at Aljazira Capital, said today by phone.
Middle East Financial is one of about 50 brokerages that closed in the United Arab Emirates after a real estate crash in 2008 caused Dubai’s benchmark stock index to tumble about 80 percent from its peak. Even as the emirate’s DFM General Index recovers, leading gains in the Persian Gulf last year, international and regional banks are betting on Saudi stocks, with Credit Suisse Group AG and Morgan Stanley shifting their regional equities bases to Riyadh from Dubai.
Aljazira Capital is one of about 30 brokerages in Saudi Arabia, according to data from the country’s bourse.
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