Morgan Stanley makes strategic move into Middle East

• the appointment of Dr Georges Makhoul, Managing Director, as the Firm's first regional head for Middle East and North Africa;

• the local deployment of the Firm's comprehensive resources to the region; and

• the intention to establish its first office in the region in the Dubai International Financial Centre.

"This is a significant strategic step for Morgan Stanley", said Sir David Walker, Chairman of Morgan Stanley International, "and it is a clear demonstration of our commitment to what is a key growth market for the Firm. While we have a long and successful track record of meeting the needs of clients in the Middle East and North Africa region, the increasing demand for sophisticated investment products and services, coupled with the increase in local market volumes, means that now is the right time for us to set up our first office in the region."

"In addition, I am delighted that Dr Georges Makhoul has agreed to head the Firm's business in the region. He is a dynamic banker with considerable international experience, and he is the right man to establish and lead our presence in the region, to ensure that we have the right resources in place to enable us to deliver a full range of services to clients, and to oversee the future expansion of our business."

Morgan Stanley has been active with clients in the Middle East region since the 1970s and the Firm intends to offer a comprehensive range of business lines through its newly established regional presence, including investment banking, capital markets, sales and trading, commodities, investment management, and private wealth management.

"The establishment of a local presence and the acquisition of appropriate licenses reinforces our commitment to serving our clients in the region, and will considerably enhance the capabilities we can offer",

said Dr Makhoul. "As clients increasingly demand sophisticated investment solutions across the range of asset classes, having local expertise and resources will be of significant benefit. This is an important development for the Firm, and one with which I am excited to be associated."

Reporting to Sir David Walker, Dr Makhoul will be relocating to Dubai in his new role. In addition, the Firm has applied to the Dubai Financial Services Authority for authorisation.

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