A UAE-based joint venture is moving quickly to take advantage of the opening up of Saudi Arabia’s financial market.
Foreign firms were last month given the go-ahead to participate in the Saudi stock market and initial public offerings through domestic funds.
Barjeel Geojit Securities, a partnership between Indian brokerage company Geojit Financial Services and Al Saud Group of Sharjah, plans to tap business opportunities in the kingdom.
Krishnan Ramachandran, CEO of Barjeel Geojit Securities, said: “The Saudi market was not open to foreign firms previously – only Saudi banks were allowed to operate in the stock market. The opening up of the market offers a good business opportunity.
“Most of the high networth Saudi investors used to get services from brokerage firms in Bahrain and Dubai and now these firms are entering the Saudi market. A lot of companies from Dubai will show interest.
“The savings potential is high in Saudi Arabia and we will do business there in collaboration with our partner Geojit. The focus will be on brokerage services for local and international equities,” he said.
Kerala-based Geojit Financial Services has received clearance from the Saudi Arabian Capital Markets Authority to provide broking services.