Mubasher: NBK Group announced that its subsidiary Al Watani Wealth Management Company has officially launched its operations in the Saudi market, according to an official statement.

Al Watani Wealth Management will offer investment funds management, discretionary portfolios management, deal arranging, advisory services, in addition to custody arrangements.

In 2017, Al Watani Wealth Management received the approvals required from the Capital Market Authority of Saudi Arabia (CMA) to operate in the local securities sector.

"Our wealth management services in KSA is an integral part of NBK Group's strategic objectives to expand its operations in the Saudi market and increase its network to three branches in Riyadh, Jeddah, and Dammam,” CEO of NBK Group Isam Jassim Al Sager said.

Meanwhile, Tariq bin Mutlaq Al Mutlaq, Chairman of Al Watani Wealth Management, said: “We are proud to launch Al Watani Wealth Management Company’s activities in the Saudi market as a new welcomed addition to the investment and banking sector offering unique innovative financial products and services”.

Chairman of Al Watani Wealth Management Tariq bin Mutlaq Al Mutlaq commented that NBK’s subsidiary in Saudi Arabia seeks to build a solid and promising presence in the local market.

He noted that the CMA is currently revising and amending the requirements and conditions for issuing licenses as part of an innovative plan aimed to regulate and develop the financial market, venture capital investments, and private equity, in addition to supporting the kingdom’s asset management sector as part of Saudi Vision 2030.