The bank began undertaking a wide range of securities business in Saudi Arabia in July 2009 after being licensed by the Capital Market Authority.
“Under the license, Nomura will offer corporate finance, capital markets and wealth management services for clients in Saudi Arabia as well as deal as agents for overseas securities,” Watanabe said at a press briefing in Riyadh on Tuesday.
“Saudi Arabia accounts for around 50 percent of the GCC’s GDP, and as such a strong local presence is a critical part of Nomura’s regional strategy,” said Watanabe. “The Kingdom is making dramatic steps in modernizing and deregulating its economy, and public and private entities increasingly require sophisticated financing solutions to meet their development plans.”
He said Nomura is making a significant commitment to the region supporting its view that the Gulf is emerging as a major capital market.
“We will work locally to mobilize capital within the region, as well as offer distinctive Saudi opportunities to our international investor base,” he said.
Pointing out that the Kingdom’s investment laws are gradually being liberalized, Watanabe said this would pave the way for foreign investors to come into the Kingdom.
He said his company hopes to attract investors from Japan, Europe and the US.
“This is an exciting step in the development of Nomura’s business across the region as we look to extend our capability to this important economy,” he said. “We look forward to introducing our distinctive brand and business model in the Kingdom and building our team on the ground in Riyadh to support emerging opportunities as markets recover.”
