TNI to launch Saudi operations
Abu Dhabi, April 6, 2008
The National Investor (TNI), one of the leading investment and merchant banking groups in the GCC, has won the approval from the Capital Market Authority (CMA) of Saudi Arabia to provide financial services in the Kingdom.
The Saudi market authority on Saturday granted licence to The National Investor Saudi Arabia (TNI-KSA) to launch its operations in Saudi Arabia.
TNI-KSA is now licensed to provide a full range of investment banking services, including corporate finance, asset management, real estate and private equity, said a company official.
Abdullah M. Mazrui, chairman of TNI’s board of directors, dubbed it as yet 'another major stride towards the firm’s success.'
"With this new entity now in place, we will continue to benefit from emerging market opportunities in the region. We have always been able to differentiate ourselves in a crowded and competitive market place based on our trusted client service, but now with the launch of our activities in the Kingdom, we believe we can further strengthen our businesses, better serve our clients, and foster the delivery of strong growth across all our activities," he added.
As part of its expansion strategy, TNI had last year signed a partnership agreement with Al Rajhi Investment Group (Arig), one of the most diversified investment groups in Saudi Arabia, to establish a closed joint stock company in Riyadh with an initial paid up capital of SR75 million ($19.9 million).
“We are proud to be associated with such a prominent Saudi name,” said Orhan Osmansoy, TNI chief executive officer.
“In our view, this is going to be amongst the most powerful partnerships that one can have in Saudi Arabia. I am confident that with Arig on board, we will have the right platform in place to become a successful player in the Kingdom,” he observed.
Andrei Ugarov, chief executive officer of TNI-KSA said, "Given our track record in the UAE and the opportunities that exist in the Saudi market, TNI-KSA will soon become a major contributor to our aggregate bottom-line."-TradeArabia News Service
More Finance & Capital Market Stories
- Gulf Capital to raise $360m partly for dividend
- Apicorp posts $109m profit in 2012
- Al Baraka summit to discuss financial trends
- Bahrain real GDP grows 3.9pc in 2012
- Deutsche Bank named top FX bank in Mideast
- Doha bourse breaks key 9,000 level
- UAE economic growth hits 4.4pc in 2012
- DFM firms achieve 100pc compliance
- NBK Egypt unit Q1 profit up 15.3pc
- Barclays names key official for Abu Dhabi