UAE-based Al Mal Capital said it has received approval from the Capital Market Authority (CMA) in Saudi Arabia to expand its range of activities to include asset management and investment banking, alongside its existing brokerage business.

Soon after receiving the approval from CMA, the company has changed its name from "Al Mal Securities Saudi" to "Al Mal Capital Saudi."

Al Mal Capital Saudi, the multi-line, newly integrated business, will serve clients across the spectrum of investment offerings," said Naser Nabulsi, executive chairman of Al Mal Capital.

These will range from underwriting, advising, arranging placement and public offerings, to performing a custody function on behalf of clients, to managing innovative fund products which take advantage of the exciting opportunities available in the exciting Saudi Arabian equity and debt markets, both public and private, he added.

On the CMA approval, Nabulsi said, "This is a landmark moment for Al Mal Capital. An expanded presence in Saudi Arabia, the largest regional market, is a key tenet in our strategy to expand our core business offering across GCC and the broader Middle East.”

“We are extremely grateful to the CMA in Saudi Arabia for their continuing support of our efforts to contribute and expand our presence in the vibrant and fast-growing Saudi financial markets, which are the largest in the region,” he added.

Al Mal Capital is a diversified, multi-line investment institution, licensed and regulated by the Central Bank of the UAE offering a wide range of investment products and services for institutions, banks and wealthy individuals, encompassing Investment Banking, Brokerage and Asset Management.-TradeArabia News Service