Al Mal Capital, the UAE Investment Bank, announced today that the primary market regulator in Saudi Arabia, the Capital Markets Authority (CMA), has granted a brokerage license to conduct securities trading to its majority-owned subsidiary in the Kingdom, Al Mal Securities Saudi.
Al Mal Securities Saudi has been established as a jointly-owned structure between Al Mal Capital and four major Saudi-based families: the Bin Hethlain family, represented by Sheikh Mishal Bin Khalid Bin Hethlain, who will become Chairman of the newly-formed entity; the Alrashed family, represented by Abdulmonem Alrashed; the Alhokair family, led by Fawaz Alhokair; and the Al Mousa family, represented by Ahmed Al Mousa. Global Investment House, the Kuwait-based investment company, will also be represented in both the ownership and management of the new company.
“It is a landmark approval from the CMA, and an enormous accolade for Al Mal Capital, as it is the first Gulf-based company outside Saudi Arabia to be granted such a license”, said Sheikh Mishal Bin Khalid Bin Hethlain, Chairman of Al Mal Securities Saudi based in Riyadh. “We are excited about the team we have assembled, and the capabilities it possesses, in entering the securities trading and brokerage arena.”
This announcement follows on the back of a busy period of announcements for Al Mal Capital, and in particular its brokerage business, Al Mal Securities. Last week, in the aftermath of the declared merger between two leading Jordanian brokerage companies, Aman and Osool, Al Mal Securities announced the acquisition of a significant stake in the new company, and the branding of the newly combined entity as Al Mal Securities Jordan. Al Mal Securities also indicated that its local UAE brokerage activities have commenced and are fully operational, and intend to launch an online trading capability by mid-July.
“We are proud to be accepted as part of the financial services community in Saudi Arabia”, indicated Naser Nabulsi, Executive Chairman of Al Mal Capital, the parent company of Al Mal Securities Saudi. “It is an important strategic step for our company to expand into the Saudi market, and we are encouraged by the confidence that the CMA has expressed in us.”
Added Nabulsi, “There is no question that a presence in the Kingdom is key, from a long term perspective, to be effective in presenting a comprehensive regional platform and service to investors”.
Al Mal Securities Saudi intends to commence securities trading operations shortly, and plan to extend regional capabilities to include capital markets advisory and portfolio management services in the Kingdom and elsewhere across the GCC and broader Middle East region.
Al Mal Capital is a full service Investment Bank, licensed and regulated by the Central Bank of the UAE. The Company, with a capital base of Dh. 333 million, a strong base of local and regional founders, and an experienced team of professionals, applies a rigorous adherence to world-class standards. The Company provides its prestigious list of clients with Investment Banking, Brokerage and Asset Management services.
