MANAMA, 21 April 2008 — Bahrain-based Addax Bank has obtained an investment banking license from the Capital Market Authority in Saudi Arabia for its SR200 million Saudi affiliate Addax Capital.
“We have obtained a license to operate in the Saudi Market which is the largest market in the Middle East. The launch will enable our investors to penetrate the Saudi market and have access to vast untapped investment opportunities there,” said Yousef Al-Essa, CEO of Addax Bank.
Addax Capital is expected to commence operations during the third quarter of 2008 from its headquarters in Riyadh. Services and products to be provided include corporate finance, financial advisory, brokerage, asset management and direct investments.
Addax Bank is accredited with a series of successful private placement deals in the region and is constantly bringing interesting and innovative investment opportunities to its clients. The bank, which has won a number of international awards in the finance sector, has built its reputation on a commitment to innovation and excellence.
Established in 2003, Bahrain — headquartered Addax Bank has quickly earned a reputation for itself as one of the Middle East’s premier investment banks, renowned for its innovative, high — profile transactions across a wide cross— section of industries. Since its inception, Addax Bank has structured in a number of landmark deals across the Gulf region.