The fourth quarter of 2011 was not a good one for UBS – profits have tumbled by 76% year-on-year, its investment bank has posted another loss, headcount is being slashed and the bonus pool could be down by as much as 60%.

Yet in the Middle East and Africa, where it admittedly employs a comparatively small number of people, headcount continues to increase. Now, 162 people are employed by UBS in the region, up from 157 at the end of September and an increase of 18% since the end of 2010.

In every other region, including Switzerland and the Asia Pacific, headcount at UBS declined during the fourth quarter.

Certainly, it hasn’t been all plain sailing for UBS staff in the MENA region. In line with a number of other investment banks, it trimmed its equity research team last year and has lost some senior regional people including Ali Khan, formerly head of equity sales in Dubai.

Mohamed Sammakia, chief executive officer for Saudi Arabia and Chris Niehaus, its head of investment banking for the Middle East, have also both recently relocated back to London.

Much of UBS’s focus has been on building its wealth management division in the region as it looks to combine its offering in this area with investment banking services.

After hiring Albert Momdjian to head its ultra-high-net-worth (UHNW) business in August last year, it also recruited Kanhaiya Rathi, Kawtar Benkhraba, Pravin Chelluri and Rami Barazi to work in its corporate advisory group in Dubai.

Headhunters suggest that UBS is still in the market for recruiting wealth managers in the region, with a primary focus on recruiting Swiss nationals.