JEDDAH, 21 November 2005 — The Capital Market Authority (CMA) on Saturday issued licenses to three financial institutions to act as brokers in accordance with its regulations. The three institutions are the Saudi-Swiss Financial, Osul Financial and HSBC Saudi Arabia Ltd. The license also permits these institutions to organize, guarantee coverage, manage, secure and advise in the Saudi market. This is considered a break through for investors by increasing competition among banks, which should lead to better service and lower costs.