Japan's Nomura opens offices in Saudi Arabia

Dubai: Nomura, the global investment bank headquartered in Japan, has announced the launch of its Saudi Arabia operation following the receipt of its commencement letter from Saudi Arabia's Capital Market Authority (CMA), to undertake a range of securities businesses in the kingdom.

Under the licence, Nomura will, among other things, be able to offer corporate finance, capital markets and wealth management services.

Philip Lynch, Chief Executive Officer, Middle East and Africa, Nomura International plc commented: "Saudi Arabia accounts for around 50 per cent of GCC GDP and, as such, a strong local presence is a critical part of Nomura's regional strategy. The kingdom is making dramatic steps in modernising and deregulating its economy, and public and private entities increasingly require sophisticated financing solutions to meet their development plans. As the first Asian securities firm in Saudi Arabia, Nomura is especially well placed to bridge and facilitate the growing commercial interests between the Gulf and the Far East and strengthen emerging trading relationships. Nomura is making a significant commitment to the region, supporting our view that the Gulf is emerging as a major capital market."

Takuya Furuya, Chairman of Nomura Saudi Arabia, said: "This is an exciting step in the development of Nomura's business across the region ...

"We look forward to introducing our distinctive brand and business model in the kingdom and building out our team on the ground in Riyadh to support emerging opportunities as markets recover."

Nomura has long-standing relationships with Saudi government bodies, financial institutions, corporates and private investors. Nomura already has offices in Dubai and Bahrain, and recently received its licence to provide corporate finance and capital markets services from the Qatar Financial Centre.