By Daniel Stanton
Dubai-based investment house branches out with new division and management for the Kingdom.
Investment house Rasmala is to launch operations in Saudi Arabia to better serve its clients there.
The firm, headquartered in the DIFC, has been granted regulatory approvals by the Kingdom's Capital Market Authority and Ministry of Commerce to establish Rasmala Investments (Saudi) Ltd.
Hamad Mubarak Al Huthaili, who has previously worked for Saudi Hollandi Bank, has been appointed general manager of the new company.
Ali Samir al Shihabi, founder and CEO of Rasmala, said: "Saudi Arabia is the largest and most important capital market in the region and the key market for Rasmala.
"The continuous development of our operations, the establishment of Rasmala Saudi, and the appointment of Mr Al Huthaili will help us directly meet the requirements of our clients in Saudi Arabia. We will also be able to establish constant and direct contact with the clients to allow them to effectively benefit from our distinctive services."
Rasmala's services focus on asset management and investment banking, and also offers consultation on mergers and acquisitions.