DUBAI - UBS Group UBSG.S has appointed former Investcorp executive, Gabriel Aractingi, as head of its ultra-high net worth business in Saudi Arabia from February 1, the bank said in an email.

Aractingi previously headed the Saudi business for Bahrain-based Investcorp INVB.BH , having joined the investment firm in 2016 from Morgan Stanley MS.N .

UBS, the world's biggest wealth manager, had told Reuters last year it wants to increase the number of bankers targeting the Middle East notably those serving the Saudi wealth market. Aractingi will be based in based in Geneva. 

Saudi Arabia, the world's biggest oil exporter, counts the most billionaires and the richest ones among Arab countries with 10 of them having a combined net worth of more than $40 billion.

Separately, a spokesman for Investcorp said it had appointed Yasser Bajsair as its CEO for Saudi Arabia.

(Reporting by Saeed Azhar; Editing by Tom Arnold) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))