NBK launches wealth function in Saudi Arabia

The wealth management arm of Kuwait-based NBK Group has launched its operations in Saudi Arabia.

Al Watani Wealth Management will offer Saudi clients investment fund management, discretionary portfolios, deal arranging, custody and advisory services.

The service will target individual investors, corporate and high net worth individuals, said the chairman of Al Watani Wealth Management, Tariq bin Mutlaq Al Mutlaq.

The new venture was granted regulatory approval by the Capital Market Authority of Saudi Arabia last year to operate in the local securities sector.

“Saudi Arabia is a key growth market for NBK Group,” said chief executive Isam Jassim Al-Sager. The wealth management services are “an integral part of NBK Group’s strategic objectives to expand its operations in the Saudi market”, he added.

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