Dubai-based fund placement firm Greenstone Equity Partners has been awarded a licence by Saudi Arabia’s Capital Market Authority (CMA).
As a result of the managing investments and operating funds licence award, Greenstone Saudi Arabia will be able to commence operations.
The firm’s Saudi subsidiary had already been granted an arranging and advising licence.
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Greenstone gets funds licence in Dubai
The latest approval enables Greenstone to establish, manage, register and offer local and foreign funds to Saudi investors under the CMA’s investment fund regulations.
Greenstone describes itself as the largest fund placement firm in the Middle East.
Chief executive Alex Gemici said that Greenstone is “committed to operating in full compliance in the GCC with direct on the ground on-shore licensing in Saudi Arabia and USE and indirect licensing through regulatory partners in Kuwait, Oman and Qatar”.