Al Mal Capital, a Dubai-based investment bank, started a Saudi Arabian share brokerage venture with Gulf partners to invest in the world’s best- performing equity market in the second half of this year.
The new subsidiary is the first Gulf-sponsored company to obtain a Saudi brokerage licence and is the first to launch the Saudi brokerage services. It has a capital of SAR 60 million (Dh61m) and is 55 per cent owned by Al Mal Capital, a full-service investment firm with a paid-up capital of Dh333m licenced and regulated by the Central Bank of the UAE.
Al Mal’s securities unit provides brokerage services on the Dubai and Abu Dhabi bourses and plans further expansion into Jordan and Egypt, according to a company statement.
“We are bringing to our institutional and high net-worth clients prime brokerage services and investment advice at the parent level,” Al Mal Capital Chairman Naser Nabulsi (pictured above) said.
“We also provide asset management and investment banking services and the expansion of our brokerage platform will develop stronger client relationships and spread awareness of our research capabilities.”
Al Mal Securities Group acting as the advisory and brokerage division of Al Mal Capital, is the first broker in the Mena region to serve institutional investors and financial institutions.
The group was initially formed to offer clients full-service brokerage in the Dubai and Abu Dhabi stock markets.
It has adopted the most innovative and advanced execution platform, and provides a network of brokers and professional staff to provide superior levels of client service to investors, said the statement.
Al Mal in Saudi venture