Aloula Geojit launches NRI advisory service in Saudi Arabia

Kochi, April 18 (IANS) To serve the investment needs of non-resident Indian investors in Saudi Arabia, Aloula Geojit Capital Co. (AGC) launched its NRI advisory service. An announcement to this effect was made by Ibrahim M. Al Gadah, CEO of AGC.

Meeting reporters along with C.J. George, managing director of Geojit BNP Paribas, Al Gadah made the announcement late Wednesday.

AGC, a member of the Saudi Stock Exchange, through its investment advisory services, will offer its NRI clients both research and investment advice.

AGC is the only Indian joint venture which is a member of any local stock exchange in the Gulf Cooperation Council (GCC).

Speaking about the company's new service, C.J. George, managing director of Geojit BNP Paribas Financial Services, said that there was renewed investor interest among NRIs to invest in Indian capital market in the context of global uncertainties.

"With the launch of Aloula Geojit Capital's advisory services, Indian nationals in Saudi Arabia will benefit from the sound advice and efficient service we provide," said George.

Ibrahim Al Gadah said the strength of AGC would be the "strong backing of Geojit BNP Paribas and our well experienced staff".

"This service will be made available through Riyadh, Damam and Jeddah offices of AGC," said Al Gadah.

All Indians with valid residence permit in Saudi Arabia can open an account through AGC and invest and trade in the Saudi market. Besides, they can subscribe to the local mutual funds.

Established in 2006, AGC is a joint stock company licensed by Saudi Capital Market Authority to conduct trading activities as member broker in Tadawul (Saudi stock exchange).

Geojit BNP Paribas Financial Services is one of the leading retail stock brokers in India, with a strong presence in Middle East countries.