UBS Hires Citigroup’s Damaj to Boost Middle East Investment Bank

UBS Group AG hired Citigroup Inc. banker Jad Damaj in Dubai to bolster its Middle East investment bank business.

Damaj joined the Swiss lender last month as an executive director, according to Stephanie Aneto, a London-based spokeswoman for the bank. He will report to Alberto Palombi, the bank’s Middle East and North Africa investment banking head and global head of sovereign wealth funds. Damaj joins the corporate-client solutions group and will focus on boosting relationships with key Middle Eastern companies.

Investment banks in the Middle East are reviving hires as deal activity picks up, after cutting jobs after the global financial crisis. UBS relocated Palombi to Dubai from London last year, while Barclays Plc appointed former Goldman Sachs Group Inc. executive Khaled Eldabag as co-head for its regional investment-banking business.

Andrea Orcel, the president of UBS’s investment bank, is making additions to its ranks, including JPMorgan Chase & Co.’s Severin Brizay and Credit Suisse Group AG’s Laurent Bouvier. The bank also hired Citigroup banker Jason Hutchings as head of mergers and acquisitions for natural resources, power, utilities and infrastructure deals in Europe, the Middle East and Africa, people with knowledge of the matter said last week.

Damaj joined Citigroup in 2008 and has worked for nine years in the Middle East with a focus on M&A in the telecommunications and finance industries, according to his LinkedIn profile. He was not immediately available for comment.

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