Abu Dhabi-based The National Investor (TNI) said on Monday it had won regulatory approval to operate in Saudi Arabia.
The investment bank said in a statement its Saudi unit will provide corporate finance, asset management, real estate and private equity services in the kingdom.
"With this new entity now in place, we will continue to benefit from emerging market opportunities in the region," TNI Chairman Abdullah Mazrui said.
Last year, TNI signed an agreement with Saudi's Al Rajhi Investment Group (ARIG) to establish a joint stock company in Riyadh with a paid up capital of 75 million riyals ($20 million), according to the statement. (Reuters)
National Investor to operate in Saudi Arabia