Saudi Fransi Capital Plans Dubai Office as Market Opens - Bloomberg

Saudi Fransi Capital Plans Dubai Office as Market Opens - Bloomberg:



"Saudi Fransi Capital, the investment banking arm of Banque Saudi Fransi (BSFR), plans to open an office in Dubai before the kingdom opens the Arab world’s largest bourse to foreign direct investment for the first time.



The bank expects approval to start operating in the Dubai International Financial Centre this month, Yasir Al Rumayyan, chief executive officer of the unit, said by phone yesterday. Saudi Fransi Capital International, as the Dubai office is to be named, will focus on asset management and brokerage activities.



The largest economy in the oil-producing Gulf Cooperation Council may open the stock market to overseas investors from April, three people briefed on the plans said last month. The move could attract as much as $40 billion of foreign cash into the $478 billion exchange, Schroders Plc. said in July."



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