Global leader Deutsche Bank said it has concluded its first swap agreement on the Saudi bourse (Tadawul) through its subsidiary Deutsche Securities Saudi Arabia.

The agreement is a milestone in the bank's operations in Saudi Arabia, whose stock market is the 11th largest in the world.

The trade was executed immediately following the receipt of the final go ahead from Saudi Arabia's Capital Market Authority (CMA), the capital market regulator, which very recently took the groundbreaking decision to allow a few authorised entities to trade in shares listed on the Kingdom's stock exchange on behalf of foreign investors through swap agreements.

Previously, foreign non-resident investors were only able to access the Tadawul via mutual funds.

Jamal Alkishi, CEO of Deutsche Securities Saudi Arabia, said: 'This is a momentous occasion for Deutsche Bank as a whole, and specifically for our operations in Saudi Arabia - the largest equity market in the middle east and one of the most important emerging markets.

'We are very proud of this achievement as we have worked long and hard at putting in place the ideal infrastructure and mechanism to grant access to our international clients.'

Deutsche Bank opened its first branch in Riyadh in 2006. A year later, Deutsche Securities Saudi Arabia was granted a license by the CMA to offer brokerage and custody services, as well as arranging, advising and providing investment funds management. - TradeArabia News Service