UBS has hired Per Larsson, chief executive of Borse Dubai, to be the new head of investment banking in the Middle East and North Africa, a week after it said it had gained conditional regulatory approval to operate from the Kingdom of Saudi Arabia and that it had also applied for a license to open in the Qatar Financial Centre.

Per Larsson, who is current based in Dubai, will join UBS at the beginning of October. He takes over from Peter Burnett, who was named to the post in early 2006. Burnett is based in London and will take on a "new opportunity" within UBS. A spokesman declined further comment.