Merrill Lynch gets Saudi Licence

by Reuters Wednesday, 20 June 2007

Merrill Lynch & Co. Inc. the world's largest brokerage, said on Tuesday it had received a licence to operate in Saudi Arabia, offering advisory services, investment banking and wealth management.

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Merrill Lynch joins other major financial institutions that have entered the world's largest oil exporter in the past two years.
Saudi Arabia, home to the Arab world's largest economy and stock market, has granted investment banking licences to Morgan Stanley, BNP-Paribas, Deutsche Bank and HSBC.

Foreign investors have no direct access to Saudi financial markets, but the kingdom's accession in 2005 to the World Trade Organisation (WTO) is expected to change the picture.

Abdulhamid al-Amri, a member of the Saudi Economic Association, said international financial institutions were taking positions ahead of a liberalisation of the markets.

"By 2009, we will see a gradual rise in foreign investments in the kingdom as per WTO requirements," Amri said. "It can only be good for the Saudi market to have these experienced financial firms to smoothen the maturity process."



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