Deutsche Bank has announced that it is ready to commence offering its international clients access to Saudi Arabia's stock exchange via swap agreements.
Recently, Saudi Arabia’s Capital Market Authority (CMA) took the decision to allow non-resident foreign investors to conclude swap agreements with authorized entities. According to the CMA’s resolution, authorized entities are to retain the legal ownership of the shares. Previously, foreigners were denied access to Saudi Arabia’s stock market, except through mutual funds.
The swap agreements will be conducted through Deutsche Bank’s subsidiary in Saudi Arabia, Deutsche Securities Saudi Arabia, subject to final regulatory approval.
Jamal Alkishi, CEO of Deutsche Securities Saudi Arabia, said: There is huge demand from international investors for entry into Saudi Arabia’s markets. Deutsche Bank is fully prepared to offer its international clients its services in Saudi Arabia, as we have worked for a long time at establishing the necessary platform and mechanism.