The announcement comes less than a month after the group announced its plans to open 100 offices worldwide within the next five years.

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DeVere currently has 50 offices in more than 40 countries around the world – including in places as diverse as Uganda, Spain and Vietnam – and claims to have more than 60,000 clients with more than US$8 billion in funds under administration.

The Swiss group plans to recruit 40 new staff in the Middle East, according to a report published by ArabianBusiness.com.

"The Middle East is a very important region for the deVere Group. We are always reviewing the MENA countries for opportunities and will continue to examine markets in the Levant and GCC for furthering expansion later on," ArabianBusiness.com quoted deVere Group CEO Nigel Green as saying.

DeVere Group joins the ranks of financial services firms such as JP Morgan and Vontobel who have also revealed in the recent past their plans to expand their operations in the Middle East.

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As Europe and America are struggling with economic crisis, deVere Group’s move to expand in the oil rich Middle East is a prudent one. The Middle East could be great source of revenue for the firm and help it ward off potential trouble in its home market.