Riyada Reliance Money (RRM) is set to launch a range of brand new set of services in Saudi Arabia offering a cost-effective and efficient platform to transact in financial instruments to investors.

A joint venture between Bahrain-based advisory firm Riyada Consulting and India's Reliance Money, RRM will seek regulatory approvals for launching services including broking, corporate finance, investment banking and asset management, the company said.

Reliance Money will hold the majority stake and all management control in the new firm.

"We already have a presence in Oman and Dubai, and our presence in Saudi Arabia will further complement our efforts to have a larger role in the region," said Reliance Money chief executive and director Sudip Bandyopadhyay.

With this Reliance Money becomes the second Indian corporate to start operations and offer financial services in Saudi Arabia - the largest financial market in the Gulf and also having the largest population of NRIs in the region.

"We are extremely happy to partner with Reliance Money. This new venture will launch a range of brand new set of services in Saudi Arabia offering a cost-effective and efficient platform to transact in financial instruments to investors, said Riyada Consulting president Shaikha Dheya bint Ebrahim Al Khalifa.

This partnership would also utilise the expertise of Reliance Money in providing enhanced investment tools to a large section of population, who have not been able to use these services earlier," said Shaikha Dheya.

The venture will also seek to raise about ($53 million) from a sale of a stake to Gulf institutional investors. Reliance Money would still retain management control after the stake dilution, it said.

"The company has already initiated discussions with some Gulf institutional investors for strategic participation," it said.

Reliance Money, which recently launched in Hong Kong, plans to start operations in Europe, North Africa and south east Asia, and aims to get half its revenues from overseas by 2012, it said.

RRM will be seeking local regulatory approvals for launching its operations and also raising money from Gulf Institutional investors and HNI's for expanding its operations.

The company shall obtain membership of the Saudi Arabian Stock Exchange, after obtaining the Capital Market Authority approval, the company would be offering broking, corporate finance, advisory, custody and asset management services in the local market.

Saudi Arabia is the fourth country where Reliance Money will start its operations in less than one year of its decision to tap the overseas markets.

"We aim to generate 50pc of our revenues from overseas markets by 2012 and capture a bigger share of the record $19.5 bn invested in India last year by overseas funds," Bandyopadhyay added.-TradeArabia News Service