Lazard Aims to Double Revenue, Expands in Middle East

Lazard plans to double its revenue by 2030 and has identified the Middle East as a key growth region. The firm will station six bankers in its Abu Dhabi office and has already assembled a dozen dealmakers in Riyadh. Lazard aims to capture market share and grow its presence in the region, which has seen billions of dollars invested abroad in various sectors. The firm has a long history in the Gulf but is now focusing on localized coverage to meet client demands.

Lazard, the global financial advisory and asset management firm, is doubling down on its Middle East expansion strategy to achieve its 2030 revenue target. The firm is planning to increase its regional presence by deploying six bankers to its Abu Dhabi office and has already assembled a dozen dealmakers in Riyadh. These moves underscore Lazard's ambition to capture market share and grow its footprint in the Middle East, which has seen billions of dollars invested abroad in various sectors.

The expansion is part of Lazard's broader strategy to meet the evolving demands of its clients in the region. Wassim Al-Khatib, Lazard's MENA CEO, has been instrumental in leading these efforts. Al-Khatib, who has extensive experience in banking, previously worked at Citi and the major Saudi bank NCB. His appointment highlights Lazard's commitment to leveraging local expertise while maintaining global capabilities .

Lazard's Riyadh office, which opened in 2023, has evolved into a full-service coverage, origination, and execution hub for the Middle East and North Africa (MENA) region. The firm's recent announcement of a strategic expansion in Abu Dhabi as its UAE hub further solidifies its regional structure. This new office will be a key pillar in Lazard's GCC strategy and will provide a differentiated, client-oriented structure .

The Middle East's emergence as a significant growth opportunity for financial firms is driven by several factors. The region has seen substantial investments in sectors such as real estate, private equity, and infrastructure. Additionally, the Middle East has become one of the busiest markets for initial public offerings (IPOs) globally, with governments pushing to broaden capital markets by selling stakes in state-owned companies and encouraging private firms to list .

Lazard's expansion comes at a time when the Middle East is witnessing intense competition among financial centers. Other firms such as Cantor Fitzgerald LP and Jefferies Financial Group Inc. are also building out their presence in the region. Cantor Fitzgerald, for instance, is planning to hire dozens of bankers in the Middle East, including a veteran from EFG Hermes, to lead its investment banking and capital markets business .

In summary, Lazard's strategic expansion in the Middle East is a reflection of the region's growing importance in the global financial landscape. By increasing its local coverage and leveraging its global capabilities, Lazard aims to capture a significant share of the region's burgeoning financial services market.

References:
https://www.linkedin.com/posts/wassim-al-khatib-a0967319_lazard-financialadvisory-mena-activity-7369804781806186497-S9RE
https://www.finews.com/news/english-news/69165-lazard-upgrades-riyadh-new-hub-saudia-arbia-peter-orszag-middle-east-gulf-finance-place
https://www.bloomberg.com/news/articles/2025-09-05/cantor-plans-to-hire-dozens-of-bankers-in-middle-east-push