Aloula Geojit starts operations in Saudi Stock Exchange
Press Trust of India / Mumbai Nov 18, 2008, 13:25 IST
Aloula Geojit Brokerage Company, a joint venture between Geojit Financial Services and Saudi Arabia's Al Johar group, today said it has started retail operations in Tadawul.
The company executed its first trade on the Saudi Stock Exchange on November 10, a statement said today.
The total equity market capitalisation in Tadawul as at end-October was USD 290.09 billion, a press release issued here today said.
Geojit Financial Services Managing Director C J George said, "Our initiative in Saudi Arabia will further strengthen our strong presence in the Gulf with operations in the UAE, Bahrain, Oman and Kuwait."
"We are confident that our track-record, domain expertise and proven technological capabilities will help us to provide Saudi investors and the large NRI population with a range of financial solutions that will fulfill their financial goals," he said.
The joint venture with the Al Johar group makes Geojit the first Indian stock broking company to commence domestic retail operations in any foreign country, the statement said.
Aloula Geojit is headquartered at Riyadh and will be opening branches in the main cities of Saudi Arabia over the next few years.
The company will offer a wide range of products and services such as brokerage in the local equity market for the Saudi nationals. For NRIs, the company will provide access to the Indian capital market and Indian mutual funds, the statement said.
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