The Saudi bourse watchdog said Monday it awarded a brokerage license to an affiliate of Standard Chartered. In a statement, the Capital Market Authority (CMA) said Standard Chartered Capital Saudi Arabia would also be allowed to manage assets and investment funds and operate as an underwriter. Saudi Arabia accounts for almost half the Gross Domestic Product (GDP) of the rich Gulf Cooperation Council (GCC) bloc and has the Arab world's biggest stock market. There are now some 110 licensed brokerage firms in the Kingdom, the vast majority authorized after the 2006 crash that drastically reduced volumes and heated up competition with the local banks that dominate the industry.
