Nomura launches Saudi operations

Nomura, the Japanese investment bank, said it has launched its Saudi Arabia operations after receiving approval from the Capital Market Authority (CMA) to undertake a range of securities businesses in the kingdom.

Nomura will offer corporate finance, capital markets and wealth management services for clients in Saudi Arabia as well as deal as an agent for overseas securities.

Philip Lynch, CEO, Middle East and Africa, Nomura International, said: "Saudi Arabia accounts for about 50 per cent of the GCC GDP, and as such a strong local presence is a critical part of Nomura's regional strategy. The kingdom is taking dramatic steps in modernising and deregulating its economy, and public and private entities increasingly require sophisticated financing solutions to meet their development plans. Nomura is making a significant commitment to the region, with a view that the Gulf is emerging as a major capital market."

Takuya Furuya, Chairman of Nomura Saudi Arabia, said: "This is an exciting step in the development of Nomura's business across the region as we look to extend our service to this economy. We look forward to introducing our distinctive brand and business model in the kingdom and building our team in Riyadh to support emerging opportunities as the market recovers."

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