The Hindu Business Line : JRG ties up with RTE group firm

JRG Securities Ltd has joined hands with United International Trading Company (UITC), with the intention of extending JRG's financial services to Saudi Arabia and other Gulf Cooperation Council countries.

The United International Trading Company is part of the RTE-group in Saudi Arabia, which is a major supplier and provider of complete range of drilling fluids, service and equipment to the oil and gas sector as well as the water-well industry in West Asia.

The agreement was announced in Dubai at a formal meeting between Mr Jaber A. Al Fahhad, President and CEO of UITC, Mr Regi Jacob, Managing Director and Mr Giby Mathew, Executive Director of JRG Securities Ltd.

"This will form part of our business and expansion plans for Africa, the entire Middle East, sub-continental Asia, Australia and New Zealand," Mr Fahhad said.

JRG will be extending its financial services expertise in Saudi Arabia through the new company, which will be formed in association with UITC in a time-bound manner. "We will start operations in Saudi Arabia immediately with the latest technology, and will be providing experienced employees for supporting a strong investor base in the Kingdom of Saudi Arabia," Mr Regi Jacob said.

"Today, India is one of the fastest growing countries in the world and our investor-friendly service and personnel will prove beneficial to the large domestic and expatriate population living in Saudi Arabia. Our extension will help the investors in that country to reap the benefit from the accelerated growth in the Indian economy and industry," he said.

JRG has already set up an office in Dubai to extend access and facilities of the Indian capital and commodities futures markets to the large NRI population. The company is a member of the recently set-up international commodity exchange, the Dubai Gold and Commodity Exchange.

"We have commenced operations in Dubai with plans of not only reaching out to Saudi Arabia, but will be extending our presence to all the Gulf Cooperation Council countries soon," Mr Giby Mathew said.