Rs 4.77 Indo-Gulf firm launched in Riyadh

Dubai, May 24 (UNI) Investors from India, Saudi Arabia and two other Gulf countries have launched a 400 million Saudi Riyals brokerage firm in Riyadh.

The Rs 4.77 Indo-Gulf firm, which makes its debut on Saudi market against the backdrop of a turbulent stock exchange, would also handle Initial Public Offering (IPO) management through its network of branches to be set up in the main regions.

The new business alliance comprises India's Geojit Financial Services, Jamal and Khalid Al-Johar Development Co (Al-Johar Stocks) of Saudi Arabia, the National Securities Company of Oman and Rasmalah Investment Co of the UAE besides eight other Saudi investors.

Geojit Financial, capitalised at about 3.5 million dollars, has a current market value of over 71 million dollars and a customer base exceeding 300,000 clients, a news report said.

A joint declaration said that Geojit Financial would be the main partner and operator of the brokerage company, while Al-Johar would play a supervisory role.

Regulatory procedures of the Capital Market Authority (CMA) and other formalities would be completed for obtaining the licence.

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