Lazard is enhancing its presence in the United Arab Emirates by opening a new office in Abu Dhabi, which will act as the investment bank’s primary financial advisory hub in the country. The announcement was made by Lazard on Tuesday, emphasizing the strategic significance of the UAE and the opportunities it presents.

Peter Orszag, the CEO and Chairman of Lazard, expressed excitement about reinforcing the company’s footprint in the UAE, highlighting the country’s remarkable potential for growth. This move comes as Abu Dhabi has attracted numerous global banks, including Morgan Stanley and Goldman Sachs, aiming to serve a diverse array of wealthy clients and sovereign funds that collectively manage nearly $2 trillion.

As part of this expansion, Lazard has appointed Hussain Altajir as the CEO of Lazard Financial Advisory in the UAE. Previously, Altajir served as the head of Dubai coverage in global banking at HSBC. In his new role, he will focus on enhancing Lazard’s engagement with clients in the region, further solidifying the firm’s commitment to the UAE market.