Barclays Plc (BARC) named Haidar Hammoud head of wealth and investment management in Abu Dhabi as Britain’s second-biggest lender seeks to tap high net-worth individuals in the emirate, holder of about 6 percent of the world’s oil.
Hammoud, previously at Deutsche Bank AG, Citibank, Standard Chartered and BNP Paribas, will be in charge of wealth management business in Abu Dhabi and provide advice to the so-called ultra-high net-worth market and large family offices, Barclays said today in an e-mailed statement.
Banks such as Barclays consider the United Arab Emirates and the wider Middle East as a long-term growth market where economic expansion and high oil prices are driving prosperity. Abu Dhabi is home to Abu Dhabi Investment Authority, one of the world’s richest sovereign wealth funds. The emirate has Standard & Poor’s third-highest investment grade.
Barclays may double the number of private bankers it has across the Middle East and North Africa region, Rory Gilbert, head of Middle East and North Africa at Barclays’s wealth management unit, said in an interview last year.
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