Saudi Blominvest, a part of Lebanese banking group Blom, has won approval from the kingdom's capital market regulator to boost its capital to SR145 million ($38.6 million) from SR100 million, said a report.

The company provides a broad range of financial advisory and investment services for public and private entities in Saudi Arabia and the Middle East region.

The company was set up in 2008 along with Blom's strategic regional partners in Saudi Arabia including Al-Fozan Holding, Al-Muhaidib Holding, Abdulaziz Al-Saghyir Commercial Investment Company and Abdul Salam A. Al-Agil.

The Capital Market Authority has issued its resolution approving the request for capital hike, said Blominvest Saudi in a statement posted on the Saudi stock exchange (Tadawul) website.-TradeArabia News Service