Reliance money makes entry in Saudi Arabia with RRM

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Mumbai, July 3 (UNI) Reliance Money, the largest broking and distribution house in India and part of the Reliance Anil Dhirubhai Ambani Group, today announced its debut in Saudi Arabia by launching a new company - Riyada Reliance Money (RRM) - in collaboration with Bahrain based Riyada Consulting, a leading management consultancy and advisory company.

Reliance Money has now become the first Indian corporate company to start operations and offer financial services in Saudi Arabia, the largest financial market in the Gulf and also having the largest population of NRIs in the region.

This announcement was made by Mr Sudip Bandyopadhyay, Director and CEO of Reliance Money and Ms Shaikha Dheya Bint Ebrahim Al Khalifa, President of Riyada Consulting in Saudi Arabia, a release issued here today said.

RRM will be seeking local regulatory approvals for launching its operations and also raise money from Gulf Institutional investors for expanding its operations. The company shall obtain membership of the Saudi Arabian Stock Exchange after obtaining the Capital Market Authority (CMA, Saudi Arabia) approval for dealing, managing, custody, advisory and arranging activities (amongst others) in the local Securities Markets.

The company would be offering broking, corporate finance, investment banking, advisory, custody and asset management services in the local market.

''We aim to generate 50 per cent of our revenues from overseas markets by 2012 and capture a bigger share of the record 19.5 billion USD invested in India last year by overseas funds,'' Mr Bandyopadhyay said.

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