Blominvest Saudi Arabia has acquired a licence from Saudi Arabia's Capital Market Authority (CMA) to establish a corporation specialised in investment operations.

The company’s capital will be SR100 million. The shareholders are: Blom Bank SAL -10 per cent; Blominvest Bank SAL -50 per cent; Al Fozan Holding - 15 per cent; Al-Muhaidib Holding - 15 per cent; Abed Al Aziz Al Saghir corporation for commercial investments- 5 per cent; Abed Al Salam Abed Al Rahman Al Akil - 5 per cent.

Amwal Advisory Corporation, represented by its chairman and CEO Nazem Ibrahim Basha, arranged the deal and contributed to its execution, said a statement.

Abdullah Ben Abdellatif Al-Fozan, chairman of Al-Fozan Holding, is expected be the chairman of Blominvest Saudi Arabia, the statement said.

Saad Naaman Al Azhari, currently chairman and general Manager of Blom Bank and chairman of Blominvest Bank is to be the vice-chairman of the Blominvest Saudi Arabia.

Blominvest Saudi Arabia will offer the following services: Investment, advisory and wealth management services; launching of private equity and real estate funds; financial brokerage services in local and regional markets, direct internet trading platforms and various research services; and advisory services for large companies in areas of equity, sukuk, portfolio management and Initial Public Offerings (IPOs).

Blominvest Saudi Arabia’s head office will be based in Riyadh, and it will have the right to open other branches in the kingdom when needed. -TradeArabia News Service