RIYADH: Saudi Arabia’s Capital Market Authority has approved the request of BNP Paribas Investment Co. to amend the list of businesses it is licensed to practice.
Following the amendment, the investment service provider will be authorized to conduct dealing, keeping, arranging, and advising in securities business, according to a statement.
Established in 2009, BNP Paribas Investment Co. Saudi Arabia is a private limited company based in Riyadh.
Operating in the investment services sector, the organization is owned by French-based enterprises.
In March 2021, BNP Paribas appointed Reema Al-Asmari as head of territory for Saudi Arabia, to bolster the French bank’s corporate and investment banking presence in the Kingdom.
This comes in line with the Kingdom’s Vision 2030’s reform plan, as Saudi Arabia aims for female participation in the labor force to be at 30 percent by 2030, a target it has now achieved ahead of schedule.
The appointment came following a report by the global ratings agency Moody’s that found that rising female participation in the labor force has the potential to boost Saudi Arabia’s non-oil growth and improve average household incomes.