TNI cleared to launch Saudi operations

UAE-based investment bank, The National Investor (TNI) has received regulatory approval to launch a new group company offering financial services in Saudi Arabia, it announced on Monday.

The Capital Market Authority (CMA) has authorised The National Investor Saudi Arabia to provide a full range of investment banking services, including corporate finance, asset management, real estate and private equity.

Abdullah M. Mazrui, chairman of TNI's board of directors, said: "With this new entity now in place, we will continue to benefit from emerging market opportunities in the region."

In 2007, TNI signed a partnership agreement with Al Rajhi Investment Group (ARIG) to establish a closed joint stock company in Riyadh with an initial paid-up capital of SAR75 million (US$20m).

Andrei Ugarov, CEO of TNI-KSA, said that the new Saudi Arabian operation would contribute significantly to the group's bottom line. TNI previously covered the Kingdom from its office in Abu Dhabi.

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