After a decade of dealmaking at Morgan Stanley in the Middle East, Peter Fort swapped Dubai’s International Financial Centre for a career promoting investment into one of the United Arab Emirates’ lesser-known sheikhdoms.
'When I first got the call about the position, it took a lot of convincing for me to take a look at it', said Fort, who heads up Ras Al Khaimah’s free zone, and is an adviser to the emirate’s government, an hour’s drive north of Dubai. 'But when I did my research I realised that Ras Al Khaimah is at an inflection point and I feel I can make a difference here'.
Bloomberg reports that Fort, 40, is among a rising number of Persian Gulf expat bankers starting second careers with U.A.E. firms as lenders based in London, New York and Zurich scale back under pressure to boost capital buffers and profit margins.
The 10 biggest investment banks, including JPMorgan Chase, Deutsche Bank and Citigroup have lost about 11,000 front-office staff in the past two years, analytics firm Coalition said last month.
Royal Bank of Scotland Middle East Chief Executive Officer Simon Penney resigned this year and will join Abu Dhabi’s First Gulf Bank. Michael Katounas, investment banking director for Credit Suisse in the Middle East, joined Qatari bank QInvest as investment bank head this year.
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