Credit Suisse Group AG hired Ahmed Badr as head of equities for the Middle East and North Africa based in Riyadh as the investment bank shifts operations away from Dubai.
Badr starts with immediate effect, according to an internal memo seen by Bloomberg yesterday and confirmed by Sofia Rehman, a spokeswoman for Credit Suisse in London. Wafic Nsouli, Badr’s predecessor, left the bank this week, said a person familiar with the matter, asking not to be identified as the news hasn’t been made public.
Credit Suisse is among firms downsizing in Dubai as equity trading in the city hovers near a six-year low and clients postpone initial public offerings and buyouts. EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank and Dubai’s top-ranked broker in terms of trading volume, is also cutting jobs and letting at least seven people go to reduce costs, said three people with knowledge of the matter who asked not to be named because the plans are private.
Riyadh has become a “key area of growth” for Credit Suisse in the region, according to the memo. Badr joined Credit Suisse in 2008 from HC Brokerage, where he worked as a research analyst, according to data compiled by Bloomberg.
Credit Suisse is shrinking its Dubai operations in favor of Riyadh and Qatar, a person with knowledge of the plans said earlier this week on condition of anonymity. Credit Suisse’s second-largest shareholder is the Qatar Investment Authority.