Standard Chartered has received approval from the Capital Market Authority (CMA) for Standard Chartered Capital Saudi Arabia to undertake investment management and operating funds activities in the Kingdom.
The approval enhances the bank’s ability to provide onshore investment management and fund operations capabilities in Saudi Arabia, supporting institutional clients as investor participation and capital market activity continue to expand across the Kingdom, it said.
This further expands Standard Chartered’s existing platform in Saudi Arabia and the wider region, reinforcing its ability to connect clients and investors in the Kingdom to opportunities across the Middle East, Asia, Europe, the US and Africa.
Sarah AlKhelaiwi, CEO and Head of Capital Markets at Standard Chartered Capital Saudi Arabia, said: “The CMA approval marks an important milestone in Standard Chartered’s continued expansion in Saudi Arabia and reflects our long-term commitment to supporting the Kingdom’s evolving financial sector.”
She added: “Saudi Arabia’s financial market is becoming increasingly institutional, sophisticated and internationally connected. As investor participation broadens and investment activity becomes more complex and cross-border in nature, the expansion of our Fund services capabilities strengthens our ability to support clients across a wider range of institutional investment needs.”
Saudi Arabia’s financial markets continue to attract broader pools of institutional and international capital, supported by ongoing market reforms, increasing investor participation and growing demand for scalable platforms with institutional grade servicing capabilities that combines global standards with deep understanding of local market requirements. The continued development of the Kingdom’s financial sector under Vision 2030 is also contributing to a deeper financial market, a more diversified investor base and increasing participation from regional and international institutions across a broader range of asset classes and investment structures. – TradeArabia News Service
