Lazard is strengthening its footprint in the United Arab Emirates by opening an office in the capital city of Abu Dhabi which will serve as the investment bank's main financial advisory hub in the country, it said on Tuesday.
"We are excited to reinforce our presence in the UAE, a country of strategic importance and remarkable opportunity," said CEO and chairman Peter Orszag.
Abu Dhabi in recent years has seen an inflow of global banks such as Morgan Stanley and Goldman Sachs, which have set up base in the oil-rich emirate to service an increasingly diverse investor pool of wealthy clients, including sovereign funds which together manage almost $2 trillion.
Lazard said on Tuesday it has appointed Hussain Altajir as CEO of Lazard Financial Advisory in the UAE as part of the expansion.
Altajir was previously head of Dubai coverage, global banking at HSBC, and will work to expand Lazard's "engagement with clients in the region."
