JPMorgan Appoints Bader Alamoudi Head of Saudi Arabian BusinessBy and
JPMorgan Chase & Co. appointed Bader Alamoudi senior country officer for Saudi Arabia and Fahad Al Deweesh chief executive officer of its Saudi investment banking and capital markets business.
Alamoudi will be responsible for JPMorgan’s operations and strategy in the kingdom, the bank said in a statement Tuesday. He was previously CEO of JPMorgan Saudi Arabia Ltd., the local investment banking unit, and will report to Sjoerd Leenart, senior country officer for the Middle East, Turkey and Africa, and Khaled Hobballah, head of Middle East and North Africa markets.
Al Deweesh will continue to act as head of investment banking for Saudi Arabia and report to Karim Tannir, Middle East and North Africa investment banking head.
JPMorgan has had a role on some of the most high-profile deals in Saudi Arabia as the government seeks to build a $2 trillion sovereign-wealth fund and reshape the economy away from its reliance on oil sales. The bank advised the Public Investment Fund on its $3.5 billion investment in Uber Technologies Inc. in June and has an advisory role on the planned sale of shares in state oil company Saudi Aramco, people familiar with the matter said in April.
The bank is also one of the global coordinators on the kingdom’s debut international bond sale, which is due to be completed this week.
Even amid the slump in oil revenue there is a “huge opportunity here,” and JPMorgan planned to increase headcount in the kingdom by about 10 percent this year, Alamoudi said in an interview with Bloomberg in January.