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Goldman Sachs is to bolster its Middle East investment banking business with the move of a co-head of European syndicate group to Dubai, as rival banks ramp up their operations in the region.

Ziad Awad, who takes up his new job at the end of the year, will report to Suhail Sikhtian, head of investment banking for the Middle East and North Africa, and Dick Bronks, head of new markets in Europe.

Wassim Younan, formerly head of fixed income, currencies and commodities for Goldman in Hong Kong, is chief executive of the bank’s Dubai office.

As well as his role as co-head of syndicate, Awad is also head of Goldman Sachs’ triple-A bond syndicate, dealing with sovereign, supranational and agency clients. He will be replaced in that position by Martin Weber.

Awad joined Goldman in 1994 as a government bond trader, moving to the syndicate desk in 2001. He was appointed co-head of syndicate in late 2004.

Goldman Sachs is one of several banks developing a business in the Middle East to offer investment banking and asset management services.

UBS last week became the latest bank to obtain a licence to operate in the region following similar moves by Citigroup, Goldman Sachs, Lehman Brothers and Morgan Stanley this year.

Those banks joined Deutsche Bank, Merrill Lynch and Credit Suisse which opened offices in the Dubai International Financial Centre last year.