JPMorgan recently appointed Omar El Amine Fichtali to head investment banking in Saudi Arabia, as reported by Bloomberg. This move follows the departure of one of the kingdom’s top bankers, Fahad Al-Deweesh, who has moved to Citigroup, at a time of growing competition for banking talent in the region’s largest economy.
El Amine Fichtali joined JPMorgan’s London office in 2007, focusing his attention on investment banking in the technology, media and telecommunications sectors. He held various roles within the investment banking team for the Middle East and North Africa in Dubai and Riyadh. He will work closely with Bader Alamoudi, senior country officer for Saudi Arabia, and Khalid Fayez, head of corporate banking for JPMorgan in the kingdom. A bank spokeswoman confirmed the contents of the memo.
Saudi Arabia is becoming an increasingly important market for global banks as the kingdom embarks on a plan to diversify its economy, moving away from oil through the sale of stakes in state-owned companies and investing in new sectors. Even as the global financial community faces layoffs and lower bonuses, banking jobs remain plentiful and salaries are rising. State vehicles such as the Public Investment Fund are also actively recruiting.