A catalyst suitable for the dehydrogenation and hydrogenation of hydrocarbons comprises at least one first metal and at least one second metal bound to a support material. The at least one first metal comprises at least one transition metal, suitably a platinum group metal. The support material is provided with an overlayer such that acidic sites on the support material are substantially blocked. In a preferred embodiment the catalyst is also substantially chloride free. Method of preparing catalyst are also disclosed.