JEDDAH, 14 May 2007 — Rasmala Investments, one of the region’s leading investment banks based in the Dubai International Financial Center (DIFC), has announced its launch in the Kingdom and the appointment of Hamad Mubarak Al-Huthaili as the general manager of its subsidiary, Rasmala Investments Saudi Ltd.
“Saudi Arabia is the largest and most important capital market in the region and the key market for Rasmala,” Ali Samir Al-Shihabi, founder and CEO of Rasmala, said. “We are proud to have Mr. Al-Huthaili in our team. With the extensive knowledge and experience as a renowned banker in the Kingdom, Mr. Al-Huthaili will contribute to the development and activation of our operations in Saudi Arabia,” Al-Shihabi added.
The development and establishment of Rasmala’s presence in the Kingdom coupled with the appointment of Al-Huthaili is the perfect combination needed to directly meet the financial requirements of the company’s clients in Saudi Arabia, he further said.
Al-Huthaili’s brings to Rasmala’s Saudi subsidiary a wealth of experience, which began in 1984 with the Saudi Arabian Monetary Agency (SAMA) where he remained until taking a position at Saudi Hollandi Bank in 1990 and rose to become the financial institution’s general manager in 2003.
During his time as general manager, Al-Huthaili worked in promoting the bank’s operations while effectively establishing business ties with both individual and corporate investors.
He also contributed to strengthening relationships with the Kingdom’s governmental authorities, oil and utility corporations, as well as other international financial institutions.
“I was inspired to join Rasmala investments because of the good reputation they have in the region. Their model for business is ideal being established in the market for the past five years and being lead by a professional team which makes me quite confident that the addition of the new subsidiary in Saudi Arabia will prove to be just as successful as that in the UAE,” Al-Huthaili told Arab News in a telephone interview.
He added that the company has already established clientele in the Kingdom, saying “we are already well connected with the “cream of the crop” of Saudi investors and will continue to deal with and attract good corporations as well as high net worth clients.”
Rasmala Saudi Ltd. was launched on May 1 after getting the license from the Capital Market Authority. It is located on the 20th floor of the Kingdom Tower overlooking the capital city of Riyadh.
The company’s main focus is on asset management and investment banking, with the asset management team responsible for managing and structuring portfolios across major asset classes, particularly in equity, real estate and hedge funds.
The investment banking team, however, structures and sources the region’s investment opportunities in direct investment and real estate across the Arab and global markets.