The branch, to be headed by Khaled Salah, will offer asset management services to wealthy individuals, families and corporations, and give clients access to Credit Suisse's platform for specialized financial products.

Credit Suisse's Middle East operations also include offices in Abu Dhabi, Beirut, Cairo, Doha, Dubai, Jeddah and Riyadh.

Swiss wealth managers are trying to get a firmer foothold in the Gulf states and rapidly growing emerging markets as growth opportunities in traditional markets in Europe and Northern America dry up amidst a global crackdown on tax avoidance.