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Oil is gushing in the Middle East, and with it money. No wonder the region plays an important role in global asset management. This also applies to the large Swiss bank UBS. It employs many people in the Middle East, for example in the United Arab Emirates, Qatar and Israel.
Due to the outbreak of war, UBS has now issued new rules: Business trips to the entire Middle East are banned until further notice, according to an internal memo provided to “Bloomberg.” UBS confirmed the travel ban at Blick’s request. And that’s closed, too: The big bank doesn’t want to disclose how many employees it has in Israel and the Middle East or how long the travel ban will be in effect.
UBS is stricter than others
The travel ban not only affects UBS employees based in the Middle East, but also employees in Switzerland: they are no longer allowed to travel to the region for meetings. Events in the area have also been canceled until further notice. The conference planned to be held in Doha, the capital of Qatar, at the end of October also fell victim to this situation.
UBS is taking its travel ban further than other major banks operating in the region, according to Bloomberg. The large Swiss bank has branches in Dubai, Qatar, Saudi Arabia and Bahrain. The Middle East is a strategically important region for UBS, which focuses on its asset management business.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
