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.
Lazard said it had appointed Hussain Altajir as CEO of Lazard Financial Advisory in the UAE (Pictured) as part of the expansion.
Altajir was previously HSBC in Dubai having spent over 21 years with the bank where he was laterly Managing Director and Head of Dubai coverage, Global Banking for over 5 years and will work to expand Lazard's "engagement with clients in the region."
Abu Dhabi in recent years has seen an inflow of global banks such as Morgan Stanley and Goldman Sachs, which have set up base to service an increasingly diverse investor pool of wealthy clients, including sovereign funds which together manage almost $2 trillion.
