Deutsche Bank is ready to commence offering its international clients access to Saudi Arabia’s stock exchange, via swap agreement to be conducted through Deutsche Bank’s subsidiary in the Kingdom, Deutsche Securities Saudi Arabia.
Deutsche Bank opened its first branch in Riyadh in 2006. In 2007, Deutsche Securities Saudi Arabia, a subsidiary of Deutsche Bank was granted a license by the Capital Market Authority (CMA) of Saudi Arabia to offer brokerage and custody services, as well as arranging, advising and providing investment funds management.
“We are delighted with the CMA’s historic resolution, which we believe will greatly enhance the depth and breadth to of the Saudi capital market,” says Henry Azzam, CEO in the Middle East and North Africa and Chairman of the Board of Deutsche Securities Saudi Arabia. “This development will undoubtedly increase foreign capital inflows to the Kingdom’s stock market, promote greater transparency, reduce volatility associated with dominance of the retail investors in the Saudi market, and encourage more comprehensive equity research on listed companies.”
“There is huge demand from international investors for entry into the Kingdom’s markets,” says Jamal Alkishi, CEO of Deutsche Securities Saudi Arabia. “The Tadawul (Saudi Arabia’s stock exchange) has the largest number of blue chip companies in the Middle East, a market capitalization that stands around $500 billion, constituting approximately 1% of the capitalization of the global equity markets. Deutsche Bank is fully prepared to offer its international clients its services in the Kingdom, as we have worked for a long time at establishing the necessary platform and mechanism.”