NBK-Saudi announces official launch of the Al Watani Wealth Management
KUWAIT CITY, Oct 9: Al Watani Wealth Management Company, a subsidiary of NBK Group, has officially launched its operations in the Saudi market, offering investment funds management, discretionary portfolios management, deal arranging, advisory services, and custody arrangements. Last year, Al Watani Wealth Management received necessary approvals from the Capital Market Authority of Saudi Arabia (CMA) to operate in the local securities sector after it has successfully fulfilled all regulatory requirements.
Isam Jassim Al-Sager, NBK Group Chief Executive Officer, said: “Al Watani Wealth Management Company embarks on its journey in the Saudi market with great potential to serve our clients as it draws from a deep well of expertise and professionalism, building on our experienced and dedicated team of professionals, as well as our unique technical and financial capabilities that enable us to source lucrative wealth management deals including: fund management, discretionary portfolios, and a wide array of investment activities regulated through our CMA license.
Al Sager added: “Saudi Arabia is a key growth market for NBK Group. We have always seen great opportunities in the Saudi market in line with our regional and international expansion strategies. 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.”
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”.
He added that the company seeks to fulfill all the various investment needs of its wide client base including individual investors, corporate andHight Net Worth Individuals (HNWI).“I am very confident that the company will provide added value to the Saudi market, backed with its solid future outlook that is strategies aligned with the objectives of Saudi Vision 2030.” Al Mutlaq said.
Al Mutlaq also pointed out that Al Watani Wealth Management seeks to build a strong and prominent presence in the Saudi market, while CMA is 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 Saudi asset management sector in line with Saudi Vision 2030. Furthermore, the plan supports Capital Market Authority’s program ‘Financial Leadership 2020’, aimed at stimulating investments, raising the attractiveness and efficiency of the financial market, and enhancing the market’s regional and global competitiveness.
The long, deep-rooted expertise of NBK Group, the leading financial institution in the region, firmly stands behind the outstanding presence of Al Watani Wealth Management Company in both the local and regional markets. The Company’s solid structure and systematic investment methodology enable it to develop value added solutions that constantly deliver fully fledged services to its customers.