Saudi Ministry of Commerce approves license for Aloula Geojit Brokerage Co. with SR400m capital

Each share is of SR10, the establishers have finalized all the regular procedures for establishing the company which takes Riyadh its principal location, the company activities are to act as an agent in the stock market.

The Ministry said that the approval to establish this company comes within the frame of the state policy which aims at expanding the economical base and encouraging the private sector to take its effective role in pushing the economic development forward and to create more job opportunity for Saudis.

Aloula Geojit Brokerage Co. has been licensed from Stock Market Commission prior to providing the dealing services as an agent in the stock market as per the conditions listed in the resolutions in Saudi Stock Market Commission.

Khalid Aljawhar the vice president of board of directors, said that Aloula Geojit Brokerage Co. has been established with alliance comprising Geojit Company of Indian Limited Financial Services and the National Stock Company (an Omani company), and Rasmala Company (Emirate Company), in addition to Saudi investors with wide experience in this field, and the capital of the company is SR400m.

Aljawhar stated in a press release that Geojit Indian Company will be the operating partner of the financial brokerage company, while Aljawhar Investment Company will undertake the supervision tasks over the Aloula Geojit Brokerage Co. through the board of directors. Mr. Aljawhar also clarified that the company will be working in the field of stock trading and it will launch its new services to the investors and apply the operating plans with high performance by developing the technical system which the Indian Geojit known by it, he added that the company will have other branches in main and regional provinces.

Mr. Aljawhar added that the company has extension plans for the future and to provide a total financial services, most important of them is the investment funds after having the license from the stock market.

Mr. Khalid Aljawhar asserted that the company will start its activities in Saudi market at the beginning of the second quarter of the next year , and he considered the approval by the ministry to establish the company is a real extra feature to the brokerage works in Saudi market comparing with the experience of the establishing companies and the human experts that will undertake operating of the company in the market.

He also added: "Getting the approval from the Ministry of Commerce and Industry is an advanced step that will make the benefit available to the investors from the company experience and potentials, indicating to that the Indian, Emirate, Omani and Saudi alliance will create a great development in the field of providing the financial brokerage services in Saudi market."

He continued, "Getting the approval from the Ministry of Commerce and Industry comes after finalizing the all the procedures of the company and fulfilling all the requirements , and the company will be working in the field of stock trading and launching new services to the investors."

He also added, "That the company will apply high performance new operating plans through developing a technical system of the Indian Geojit since it has experts in this field , in addition to the fast command implementation of sell and buy in Saudi stock" pointing out to that the company will have a number of branches in some regions.

Aloula Geojit Brokerage Co. has succeeded in attracting a number of experiences which formed a teamwork and participated in setting up the strategic plan for the companies for the coming years , which concentrate on the service quality to meet the targeted customers ambitions.