Global asset management and financial advisory firm Lazard Ltd. has roped in Sarah Al-Suhaimi as the Chairperson of its Middle East and North Africa Financial advisory business.
The Hamilton, Bermuda, headquartered boutique firm is the largest independent bank dealing in investment banking with principal offices in New York, London, and Paris. The bank is looking to boost its financial advisory operations in the MENA region, with a controlling hub from Saudi Arabia.
In 2017, Al Suhaimi was appointed as the Saudi Stock Exchange Chair. She will now also head Lazard’s Saudi Arabia Division, according to a statement from the Company.
Suhami has experience of 20 years of in the Financial Services industry, and in her career so far has served in various positions in Jadwa Investment, a Saudi investment bank, and as CEO of SNB Capital.
Lazard’s financial advisory unit CEO, Peter Orszag, said that Lazard has an existing presence in Riyadh, the capital of Saudi Arabia. It is the natural choice as a regional controlling hub from which they can serve clients in the Middle East and North Africa (MENA). Sarah’s appointment will be the first step to strengthening their ground presence of Lazard.
Diversification of Economy
Global investment banks are looking at scaling up their operations in Saudi Arabia as the oil kingdom is now diversifying from the oil economy, selling the government’s stake in the oil companies, and investing in other new sectors.
Suhaimi’s appointment follows last week’s report from Bloomberg News that Lazard was set to hire a former banker from Citibank Inc., Wassim Al-Khatib, as the CEO for the region. Khatib played a vital role in the IPO of Saudi Aramco in 2019.
Sarah’s appointment is also an indicator of women playing a more active role in the Middle East’s biggest Economy. Saudi Arabia, a conservative country with severe restrictions on women in the past, is now loosening its grip as Saudi Arabia wants more of its nationals to work in the private sector.
Authorities in the kingdom have lifted the ban on women driving and allowed them to travel without a male guardian over the past few years. However, the female unemployment ratio is still four times male citizens.
Lazard, which deals globally with institutional clients in investment banking, asset management, and other financial services, will have an AUM of about $ 2,74,000 million in 2021.
