UBS sued by Kuwaiti sheikh

A Kuwaiti sheikh is suing UBS for $21.4m (£13.9m), alleging the Swiss bank failed to pay him for helping it become lead arranger on a $9bn asset sale by the Kuwaiti telecommunications operator Zain, a Dubai court heard yesterday. The case highlights the complexity of doing business in the Gulf.

Sheikh Meshal Jarah al-Sabah, a member of Kuwait’s ruling family, says UBS recruited him with a verbal contract in July 2009 to help scupper the French media conglomerate Vivendi’s bid to acquire Zain’s operations in about 15 African countries. UBS denies the allegation.