UBS begins securities operations in Saudi Arabia

by Richard Kilner

Story link: UBS begins securities operations in Saudi Arabia

The Capital Market Authority (CMA) of Saudi Arabia has given UBS Saudi Arabia the go ahead to begin securities business operations in the Middle East Kingdom.

The green light from the CMA marks another step forward in the Swiss investment bank’s aim of becoming one of the foremost financial services firm in the region.

Based in the capital city of Riyadh, UBS Saudi Arabia provides a broad range of financial services to clients of governmental, corporate and individual nature.

Chairman of UBS Saudi Arabia, John Fraser, has expressed the firm’s delight at the CMA’s decision, and stated its intention to provide the Kingdom with top quality financial and securities business services.

UBS has had a presence in the Middle East for the last 40 years, and is intent upon expanding its operations in the region.

The CEO of UBS Saudi Arabia, Mohamed Sammakia, added that as the Kingdom was the predominant economy in the Middle East it was particularly important to do well there.

Saudi Arabia’s financial sector is undergoing a process of deregulation and modernisation, and has seen increased interest from overseas financial institutions.

Earlier this month Nomura was given the go ahead to commence securities operations in the country, and in June of this year Morgan Stanley began equities trading.