UBS Saudi Arabia has received approval from the Capital Market Authority (CMA) to start securities business activities in the Kingdom, including the distribution of structured products, a UBS spokesperson told SRP.
In a move to increase its presence in the Middle East and become a leading financial services provider, UBS Saudi Arabia, which is based in Riyadh, said it will provide services to government, corporate and individual clients, including wealth management, investment banking, fixed income sales and execution, and institutional asset management.
"We are delighted with the approval to commence business in Saudi Arabia and look forward to providing top-quality financial and securities business services to our clients in the Kingdom," said John Fraser, chairman and CEO of UBS Global Asset Management and chairman of UBS Saudi Arabia. "With over 40 years' experience in the region, our decision to establish UBS Saudi Arabia in the Kingdom is further affirmation of UBS's longstanding commitment to the Middle East and marks yet another important milestone in this very critical and substantial market."
Nomura also recently announced it had received a securities licence for Saudi Arabia.