Reuters
 
Mumbai/ Jeddah, May 14: India's Geojit Financial Services Ltd said on Saturday it would set up a brokerage in Saudi Arabia with a group of local firms and investors.

Mumbai-based Geojit said its joint venture partners were Saudi Arabia's Jamal and Khalid Al Johar Development Co, Oman's National Securities Co, the UAE's Rasmalah Investment Co and eight other Saudi investors. No financial details were disclosed.

The brokerage would also target the estimated 1.5 million Indians who live in Saudi Arabia, and aim at 10 per cent of Saudi Arabia's financial services market in the next few years, a statement from Geojit said.

Saudi Arabia only last May allowed brokerages to set up, ending the monopoly of banks on share trading in the kingdom, home to the Arab world's largest bourse.

Geojit Financial Services, founded in 1987, specialises in NRI services with five offices in Middle East. In close to two decades of existence, Geojit brand name now has over 325 offices in India and abroad.

The organisation has evolved to become a leading financial services company in India, with 1,300 employee.

Geojit manages Rs 40 billion assets for a customer base exceeding 275,000 clients. Geojit offers its clients products and services such as equities, derivatives, internet trading, portfolio management services, depository services, mutual funds, life insurance, commodity trading, margin trading and equity research.