The Hindu : Business : Geojit commences operations in Saudi

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Saturday, Dec 22, 2007
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Geojit commences operations in Saudi

Special Correspondent

To form new company for stock broking

KOCHI: Kochi-based Geojit Financial Services will be the first Indian stock broking company to start operations in Saudi Arabia, according to C.J. George, managing director.

Aloula Geojit Brokerage Company has commenced operations there having obtained the final clearance to start stock broking operations, he said here on Friday.

Mr. Jean-Christophe Gougeon, Director of Geojit, said there are two million NRIs in Saudi Arabia as against one million in Dubai.

There is already an active presence of four million investors and Saudi stock market has a daily stock market turnover of $ 3-4 billion.

The turnover had slipped from an earlier peak level of $ 10 billion, which was significantly higher than that of India’s total cash market operations.

Geojit had decided to set up a new company, Aloula Geojit Brokerage Company to undertake stock broking operations in Saudi Arabia with Geojit holding the majority stake of 28 per cent stake as well as the management contract to operate and manage the company.

The Saudi Rial 100 million joint venture company obtained the final consent to commence stock broking operations recently.

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