Credit Suisse Group AG, whose second-largest shareholder is the Qatar Investment Authority, is cutting its investment banking business in Dubai to focus on Qatar and Saudi Arabia, a person familiar with the matter said.

Two bankers will move to Doha from Dubai as part of plans to shift the regional investment banking department headquarters to Qatar, the person said, asking not to be named as the news isn't public. The bank will also cut about three positions in Dubai and transfer another as it moves its equities business to Riyadh, the person said. Bassam Yammine, MENA investment banking department co-head, already left the bank, the person said.

Qatar and Credit Suisse are boosting ties after the nation took a 6 percent stake in the Zurich-based bank, bought its London headquarters and formed asset manager Aventicum Capital Management. The country, which has the world's third-largest gas reserves, is snapping up assets to reduce its energy dependency and has $30 billion to invest this year, Qatar Investment Authority board member Hussain Al Abdulla said in April.