The establishment of Lazard's office is part of a broader trend where global asset management firms are increasingly seeking opportunities in the UAE, positioning it as a viable alternative to traditional financial hubs.

Lazard Inc is set to open a financial advisory office in Abu Dhabi, aiming to strengthen its presence in the MENA region.

Founded in 1848, Lazard is a prominent financial advisory and asset management firm known for its expertise in mergers and acquisitions, capital markets, and more.

In his new role, Altajir will work alongside regional leaders Sarah Al Suhaimi and Wassim Al Khatib to enhance Lazard's client engagement across the MENA region.

Hussain Altajir has been appointed as the CEO of Lazard Financial Advisory in the UAE, bringing experience from his previous role leading Dubai coverage for global banking at HSBC.

The operations of the new office are currently pending regulatory approval, according to the company.

During the announcement, Peter R. Orszag, Lazard's Chairman and CEO, highlighted the strategic importance and opportunities within the UAE market.

This new office will serve as Lazard's primary financial advisory hub in the UAE, underscoring the country's growing significance in the financial landscape.

Abu Dhabi has recently become a hotspot for global banks, including Morgan Stanley and Goldman Sachs, which has contributed to a diverse investor pool that includes sovereign funds managing nearly $2 trillion.