Japanese giant Nomura said on Sunday it had launched investment banking operations in Saudi Arabia, becoming the first Asian securities firm to break into the lucrative, rapidly growing market.
The move came after the company was authorised by Saudi Arabia's Capital Market Authority to offer corporate finance, capital market and wealth management services for local clients and also to sell overseas securities locally as an agent.
"A strong local presence is a critical part of Nomura's regional strategy," Nomura's chief executive for Middle East and Africa Philip Lynch said in a statement.
"As the first Asian securities firm in Saudi Arabia, Nomura is especially well placed to bridge and facilitate the growing commercial interests between the Gulf and the Far East and strengthen emerging trading relationships," he said.
Saudi Arabia accounts for around half of the aggregate economy of the six-member Gulf Cooperation Council, he said.