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Kochi Dec. 18 Aloula Geojit Brokerage Company has commenced operations in Saudi Arabia after obtaining final clearance to start stock broking operations there. The operations will be scaled-up and they will become full-fledged from April 2008.

Addressing a press conference, Mr C.J. George, Managing Director, said that Geojit Financial Services will not only be the first Indian stock broking company to commence operations in Saudi Arabia, but would also be the first Indian company to undertake broking operations in any foreign land.

Talking about the potential market, Mr Jean-Christophe Gougeon, Director of Geojit, said that there are two million NRIs in Saudi Arabia as against one million in Dubai. There are 4 million active investors in the Saudi stock market, which has a daily 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 stock market cash operations.

The Saudi Rial 100 million joint venture company obtained the final consent to commence stock broking operations recently when the Saudi Government made the announcement through the Government gazette.

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