Unicorn gets green light to start Saudi operation

SAUDI MOVE: Bahrain's Unicorn Capital has won approval to start operations in Saudi Arabia. (Getty Images - for illustrative purposes only)

Unicorn Capital Saudi Arabia on Tuesday announced it has received approval to start selling Islamic investment products in the kingdom.

The company, part of Bahrain's Unicorn Investment Bank, got the green light from Saudi Arabia’s Capital Market Authority (CMA), bosses said.

Majid Al Sayed Bader Al-Refai, MD and chief executive officer of Unicorn Investment Bank and vice chairman of Unicorn Capital Saudi Arabia, said: “Saudi Arabia is a regional economic leader with excellent growth prospects, and our presence in the Kingdom demonstrates our long-term commitment to further serving this important market.”

Separately, Singapore-based Pacific Star Group announced on Tuesday it has been granted a licence by the Qatar Financial Centre Regulatory Authority (QFCRA).

Pacific Star is Qatar Financial Centre’s first regulated financial services firm from Singapore and the licence allows the company to advise on and arrange deals on investments.

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