Barclays, SocGen get Saudi banking license
Dubai, August 17, 2009
Barclays and Societe Generale have received investment banking licences for Saudi Arabia, the Financial Times (FT) reported on Monday, quoting the Saudi markets regulator.
The Capital Markets Authority plans to allow investment groups to launch exchange traded funds before the end of the year, the FT said.
It said Barclays and SocGen are in the process of setting up offices in the kingdom.
Saudi Arabia is planning to pour hundreds of billions of dollars in the next five years into transport, infrastructure and health projects, making it one of the most attractive countries for investment banks to do business there.
Saudi Arabia is the Arab world's largest economy. – Reuters