Expecting that the Middle East region would emerge ralatively unscathed from global financial crisis due to the resurgent oil prices, Morgan Stanley (MS) has named Cyrus Behbehani as head of its investment banking unit of the region reported Zawya.
He will replace David Law as chairman in Dubai and report to George Makhoul, president for the Middle East and Africa. Mr. Behbahani will also handle sovereign wealth fund relationships. Previously, he was head of European industrial investment banking out of London, managing big accounts like Daimler and Siemens.
A bank spokesman said: Morgan Stanley remains comitted to the Middle East. We see lots of opportunities and merger and acquisition deals coming.
According to Dealogic, a supplier of relationship and transaction management software and information systems for the investment banking industry, Middle East region’s M&A volume witnessed a 26% increase between May 2008 and May 2009, reported the newspaper.