In July 2009, Nomura received the commencement letter from Saudi Arabia’s Capital Market Authority.

Nomura’s Saudi operation is being run by Takuya Furuya, chairman of Nomura Saudi Arabia. Nomura is building its team on the ground and has appointed Tarek Fadlallah, head of investment banking and Mohammed Bin Nawaf Al Saud, head of global market sales.

Kenichi Watanabe, president and CEO of Nomura Holdings, said: “This is an important step in the development of Nomura’s global presence. Since the company has had a footprint in the region for many years we recognise that Saudi Arabia is the largest market and is emerging and evolving fast. Consequently, we want to establish our business as both a strong domestic operation and as a channel for investors in major global capital markets especially the Far East, where long established trade relations exist.”

Mr Furuya said: “Our business in the Gulf has been performing extremely well and the opening of our office in Riyadh is an important next step in our regional development. We have got off to a good start and our team is building its name and capability, and we look forward to being a preferred partner for a growing number of clients in Saudi Arabia.”