KUWAIT, Jan 24 (KUNA) -- The Saudi finance market authority has authorized the branch of the Kuwait Finance House, the Kuwaiti-Saudi Finance House , to launch operations in the Kingdom, said the KFH assistant general manager for investments.
Abdel Nasser Al-Sebeeh, in a press statement released on Sunday, said the authorization signaled start of the house operations officially, after meeting certain required terms, such as declaration of a capital of 500 million riyals (USD 133.3 million).
The city of Al-Khobar was chosen for building headquarters of the bank and Walid Al-Enezi was picked up as its chief executive officer of the bank branch in the kingdom, he added.
The Kuwaiti-Saudi Finance House will focus operations on securities, establishment of investment portfolios and leading projects in cooperation with finance corporations in the kingdom, he said.
This step is of strategic significance considering the weight of the Saudi market, distinguished with diversity, substantial capitalization and hefty spending, Al-Sbeeh affirmed.
Moreover, the Saudi market is promising in the realms of real-estate development and mega projects, in light of the mounting spending by the government, forecast to increase 30 percent this year, Al-Sebeeh elaborated.
He also indicated at the recent establishment of the Real-Estate Company in the kingdom, at a capital of 2.5 billion riyals, to facilitate establishment of partnerships with major investors in the kingdom in some major ventures in the private sector.
The KFH is keen on expanding its scope of businesses and interests in the Arab Gulf region and is looking for new investment opportunities in the United Arab Emirates, Oman and Qatar, he said. - Kuna