Goldman Sachs Group, which generated one-third of its profit from trading last year, is restarting Middle East and North Africa equity sales in Dubai, according to two sources.
The fifth-largest bank in the United States by assets is hiring Veer Ramlugon as part of the plans, one of the sources said, asking not to be identified because the matter is not public.
Mr Ramlugon, who declined to comment when contacted, previously worked in Middle East equity and equity-derivative sales at Bank of America Merrill Lynch in Dubai.
Goldman Sachs is joining banks from Renaissance Capital to Arqaam Capital in expanding coverage in the Middle East and Africa as local markets rally and economic growth surges.
Dubai’s benchmark index has advanced the most among 50 of the world’s largest equity gauges this year, with a gain of 23 per cent as the UAE’s real estate and banking industries recover.
The UAE will be raised to emerging market status from frontier status by the index provider MSCI in May, potentially paving the way for greater foreign investment.
Dubai, the Arab world's business hub, is gearing up to host the World Expo in 2020 with US$8 billion of infrastructure spending.
The cost of insuring Dubai’s debt against non-payment with credit-default swaps was quoted at 189 basis points at the end of last month, the least since the 187 reached last May, according to prices compiled by CMA.
Renaissance, the Russian investment bank controlled by the billionaire Mikhail Prokhorov, is planning to open an office in the city to take advantage of the rising demand for assets in the oil-rich region, while Dubai-based Arqaam will start trading African bonds and derivatives.
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