Morgan Stanley (MS) has doubled assets under its management in Saudi Arabia this year as it seeks to gain from economic growth in the world’s biggest oil exporter.
Morgan Stanley Investment Management is targeting 1 percent market share of the kingdom’s investment funds valued at $85 billion, excluding sovereign wealth funds, Navtej Nandra, head of international operations, said in an interview in Riyadh. The regulator is opening up the market to attract foreign investment and expand capital markets, he said.
Morgan Stanley Saudi Arabia, which was set up four years ago in a joint venture with the Capital Group, began executing swap transactions in August 2008 for non-resident foreign investors. Saudi Arabia’s economy is the Arab world’s biggest and its stock market is the largest in the Middle East by market value. Saudi Arabia restricts direct foreign investments in its capital markets.
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