Arqaam hires ex-Credit Suisse banker

Updated 26 February 2013
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Arqaam hires ex-Credit Suisse banker

DUBAI: Arqaam Capital, a Dubai-based investment bank, has hired ex-Credit Suisse banker Wafic Nsouli to head its institutional equity sales unit, tapping into talent from retrenching global banks for its expansion.
Nsouli is expected to join Arqaam on March 18 and will take charge as executive director and head of institutional equity sales, the investment bank said in a statement to Reuters.
Before joining Arqaam, Nsouli was head of Middle East and North Africa equities at Credit Suisse, responsible for the company’s offices in Dubai and Saudi Arabia.
A rally in Gulf financial markets is prompting local financial institutions to expand their businesses, targeting new geographies and boosting recruitment from international rivals.
Global banks such as Credit Suisse, Nomura Holdings and Morgan Stanley, are scaling back in the Middle East as the region proves less active than they had hoped while
Europe's debt crisis puts them under pressure to cut costs.
The trend has provided opportunities for local banks to hire experienced personnel.
Morgan Stanley and Goldman Sachs Group Inc. for instance lost their two top Qatar executives to local firms last year. Morgan Stanley's Qatar head Khalid Al-Subeai joined the investment banking division of Barwa Bank, while Goldman's Qatar Chief Executive Tamim Al-Kawari joined QInvest, part-owned by Qatar Islamic Bank.
Arqaam offers corporate finance, asset management, equity derivatives and brokerage services from its main office in Dubai. The firm bought Egyptian brokerage El Rashad Securities in January, having last year acquired Al Rashad Finance and Management Advisory in Libya.
Credit Suisse, which plans to trim its investment banking team in Dubai and move some of its staff to Qatar, had promoted Ahmed Badr to be head of equities for MENA last year, to be based in Riyadh.


Saudi Arabia has lion’s share of regional philanthropy

Updated 27 April 2018
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Saudi Arabia has lion’s share of regional philanthropy

  • Kingdom is home to three quarters of region's foundations
  • Combined asets of global foundations is $1.5 trillion

Nearly three quarters of philanthropic foundations in the Middle East are concentrated in Saudi Arabia, according to a new report.

The study, conducted by researchers at Harvard Kennedy School’s Hauser Institute with funding from Swiss bank UBS, also found that resources were highly concentrated in certain areas with education the most popular area for investment globally.

That trend was best illustrated in the Kingdom, where education ranked first among the target areas of local foundations.

While the combined assets of the world’s foundations are estimated at close to $1.5 trillion, half have no paid staff and small budgets of under $1 million. In fact, 90 percent of identified foundations have assets of less than $10 million, according to the Global Philanthropy Report. 

Developed over three years with inputs from twenty research teams across nineteen countries and Hong Kong, the report highlights the magnitude of global philanthropic investment.

A rapidly growing number of philanthropists are establishing foundations and institutions to focus, practice, and amplify these investments, said the report.

In recent years, philanthropy has witnessed a major shift. Wealthy individuals, families, and corporations are looking to give more, to give more strategically, and to increase the impact of their social investments.

Organizations such as the Bill and Melinda Gates Foundation have become increasingly high profile — but at the same time, some governments, including India and China, have sought to limit the spread of cross-border philanthropy in certain sectors.

As the world is falling well short of raising the $ 5-7 trillion of annual investment needed to achieve the UN’s Sustainable Development Goals, UBS sees the report findings as a call for philanthropists to work together to scale their impact.

Understanding this need for collaboration, UBS has established a global community where philanthropists can work together to drive sustainable impact.

Established in 2015 and with over 400 members, the Global Philanthropists Community hosted by UBS is the world’s largest private network exclusively for philanthropists and social investors, facilitating collaboration and sharing of best practices.

Josef Stadler, head of ultra high net worth wealth, UBS Global Management, said: “This report takes a much-needed step toward understanding global philanthropy so that, collectively, we might shape a more strategic and collaborative future, with philanthropists leading the way toward solving the great challenges of our time.”

This week Saudi Arabia said it would provide an additional $100 million of humanitarian aid in Syria, through the King Salman Humanitarian Aid and Relief Center.

The UAE also this week said it had contributed $192 million to a housing project in Afghanistan through the Abu Dhabi Fund for Development.