DUBAI, May 5 (Reuters) - PJT Partners PJT.N has opened a new office in Riyadh, Saudi Arabia and expanded its senior team in the Middle East, the advisory-focused investment bank said on Monday, as it joins rivals which are expanding in the region.

WHY IT'S IMPORTANT

The Middle East has emerged as a major growth market for investment banks, fuelled by a surge in sovereign wealth fund activity, economic diversification efforts, and a boom in cross-border deal making.

Saudi Arabia, in particular, is driving demand for advisory services as it accelerates privatisations and large-scale investments under its Vision 2030 plan.

Riyadh has been offering global firms tax incentives to establish regional headquarters in the kingdom, as Crown Prince Mohammed bin Salman aims to boost foreign investment.

CONTEXT

Faysal Hamza, former Deputy Minister for Investment Attraction and Development and Senior Advisor to the Minister of Investment, has been appointed Chairman of PJT deNovo, the firm's Saudi Arabia subsidiary.

Shirish Joshi, a PJT partner, has relocated from London to Riyadh and will lead the firm’s capital structure advisory and liability management practice in the region.

In October, PJT Partners completed a deal to buy Dubai-based advisory firm deNovo Partners.

Bank of New York Mellon BK.N last week said it had received a licence to set up a regional headquarters in Riyadh.

Wall Street heavyweights Goldman Sachs GS.N and Citigroup C.N have also received similar approvals.

(Reporting by Manya Saini and Hadeel Al Sayegh in Dubai; Editing by Kirsten Donovan)

((Manya.Saini@thomsonreuters.com; X: manya__saini;))