Morgan Stanley launches equity trading in Saudi Arabia

Morgan Stanley yesterday announced that its Saudi unit Morgan Stanley Saudi Arabia (MSSA) has launched equity trading on the Kingdom's stock exchange, Tadawul.

This new capability enables the company and its clients to trade cash equities and delivers the firm's global market expertise to Saudi Arabia as well as GCC investors.

The launch also enables MSSA to service international clients via swap contracts, the company said a statement.

The new equity trading capability follows on the firm's recent initiation of economic and equity strategy research coverage for Saudi Arabia.

Fahad Almubarak, Chairman of Morgan Stanley Saudi Arabia, said: "Saudi Arabia is a key market for the firm and this new trading capability, in conjunction with our recent research initiation, is a vital stage in the development of our local product offering.

"In addition to our expertise in investment banking, asset management and wealth management, this initiative helps us grow our presence and product offering to service our institutional and corporate clients."

In August 2008, Morgan Stanley Saudi Arabia became the first investment bank to execute a Swap transaction on behalf of a non-resident foreign investor, giving clients outside the Kingdom access to companies listed on the Tadawul.

Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.