Tuesday 21 May 2024

Saudi grants S&P Global 100pc foreign ownership license

LONDON, March 10, 2018

S&P Global Ratings was awarded a 'Saudi Arabia 100 per cent Foreign Owned Investment License' in a ceremony at the Saudi-British Business Forum 2018 in London.

S&P Global Ratings opened its branch in Riyadh in October 2017, as part of an expansion of its operations in the Middle East. It was the first international credit rating agency to be licensed to conduct credit rating activities in the Kingdom.

Yann Le Pallec, executive managing director, S&P Global Ratings, accepted the license on behalf of S&P Global Ratings. He said: “We are very pleased to have received our license at today’s ceremony in London. I would like to extend my sincere thanks to Sagia, as well as the Capital Markets Authority and other government ministries who have supported our establishment in this important market. We look forward to working more closely with all parties to help provide access to a deeper pool of capital.

“S&P Global Ratings has been involved in the development of the world’s financial markets for over 150 years and we are pleased to expand our presence in the Middle East through the establishment of an office in Saudi Arabia.”

The official launch of S&P Global Ratings Saudi Arabian operations was celebrated at a formal event in Riyadh in October 2017. It was attended by senior Government officials from different ministries and authorities, as well as executives from publicly-listed companies, financial institutions and advisers. - TradeArabia News Service

Tags: Rating | S&P | Credit | Ratings | global | License | foreign |

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