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Commenting on the new license, Mr. Abdullah M. Mazrui, Chairman of TNI's Board of Directors, said:
"This is a very happy moment for us being yet another major stride towards our firm's success. With this new entity now in place, we will continue to benefit from emerging market opportunities in the region. We have always been able to differentiate ourselves in a crowded and competitive market place based on our trusted client service, but now with the launch of our activities in the Kingdom, we believe we can further strengthen our businesses, better serve our clients, and foster the delivery of strong growth across all our activities."
As part of its expansion strategy, TNI signed in 2007 a partnership agreement with Al Rajhi Investment Group (ARIG), one of the most diversified investment groups in Saudi Arabia, to establish a closed joint stock company in Riyadh with an initial paid up capital of SR75m (Dhs75m). "We are proud to be associated with such a prominent Saudi name," commented Mr. Orhan Osmansoy, TNI's Chief Executive Officer. "In our view, this is going to be amongst the most powerful partnerships that one can have in Saudi Arabia. I am confident that with ARIG on board, we will have the right platform in place to become a successful player in the Kingdom," he said.
"In the past, we covered the Saudi market through our Abu Dhabi offices; by having the proper infrastructure, personnel and the right partnership with a renowned Saudi group such as ARIG, we believe we now have significant presence in the Saudi market," Mr. Andrei Ugarov, Chief Executive Officer of TNI-KSA, commented. "Given our track record in the UAE and the opportunities that exist in the Saudi market, I anticipate that TNI-KSA will soon become a major contributor to our aggregate bottom-line," Mr. Ugarov concluded.
Posted by Anne-Birte Stensgaard, Senior News Editor
