Switzerland-based private bank Union Bancaire Privee (UBP) has opened a new office in Riyadh, Saudi Arabia, to expand in the region.   

UBP announced the appointment of Mishal Alhawas as chief executive and head of advising for its Saudi Arabian operations.  

Alhawas has more than 25 years of experience in wealth and asset management.  

Prior to joining UBP in June 2025, he worked at Alawwal Invest as asset management head and served as managing director of the Investment Placement Division at Sidra Capital. 

Alhawas commented: “I’m honoured to join UBP at such a pivotal moment in its regional expansion. I look forward to building trusted relationships with clients in the Kingdom and contributing to the Bank’s growth agenda through world-class wealth management services.” 

The bank has had a presence in the Middle East for over 20 years, initially conducting business from Switzerland before establishing offices in Dubai in 2011.  

UBP currently employs approximately 100 staff worldwide.  

Of these, more than 40 professionals are based in the Middle East, where they oversee client assets exceeding SFr15bn ($18bn). 

According to the bank, it holds a licence from the Capital Market Authority (CMA) of Saudi Arabia to provide securities advice and operates independently under local regulations. 

UBP Middle East and Africa co-head Mohamed Abdellatif said: “The opening of our Riyadh office represents a significant step forward in our presence across the GCC. 

 “Saudi Arabia is a strategic market for us and our clients and, with Mishal leading the way locally, we are confident in our ability to deliver the high-calibre, bespoke advice and service our clients expect.” 

UBP’s move coincides with efforts by other international banks to grow their presence in Saudi Arabia, Bloomberg noted.  

Last month, Goldman Sachs expanded its onshore private wealth management services in Riyadh, complementing its office that has been active since 2008.