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Morgan Stanley today signed an agreement with The Capital Group (“TCG”), a leading local investment bank in Saudi Arabia, which will lead to the formation of Morgan Stanley Saudi Arabia (MSSA). MSSA will have its head office in Riyadh with branch offices in Jeddah and Khobar. The signing ceremony in Riyadh was attended by John J. Mack, Chairman and CEO of Morgan Stanley, Dr. Georges Makhoul, Morgan Stanley’s President for the Middle East and North Africa region, Dr. Fahad Almubarak, Chairman of TCG and Basel Algadhib, CEO of TCG. “This agreement is a significant landmark in our Middle East growth strategy,” said John J. Mack. “The Kingdom of Saudi Arabia is already a key market both for Morgan Stanley and for our clients and we are therefore delighted to be entering the market with the benefit of TCG’s considerable experience and local knowledge. We are looking forward to working with Fahad, Basel and their team to establish the leading investment banking franchise in the Kingdom.” MSSA will operate in the Kingdom of Saudi Arabia and will offer clients a broad range of services, including investment banking, capital markets, sales and trading, asset management, and private wealth management. Dr. Almubarak and Basel Algadhib will be Executive Chairman and Chief Executive Officer respectively of MSSA, which will initially employ 25 professionals. “We are delighted to have signed this agreement with Morgan Stanley,” said Dr. Almubarak, Chairman of TCG. “There is already increasing demand from our clients in the Kingdom for sophisticated, global investment banking and asset management solutions. By combining Morgan Stanley’s global reach and range of products with TCG’s local knowledge and expertise, Morgan Stanley Saudi Arabia will be well positioned to meet this client demand.” Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 31 countries. For further information about Morgan Stanley, please visit www.morganstanley.com. Note to Editors: Morgan Stanley in the Middle East
Morgan Stanley has been active in the Middle East region since the 1970s, providing a variety of investment banking, asset management and wealth management services. The Firm opened its first office in the region in the Dubai International Financial Centre in March 2006, and plans to open other offices in the region.
Recent transactions in the region include: Acted as Global Coordinator and Sole Structuring Advisor for the issuance of $1.55bn Notes for the Egyptian General Petroleum Corporation (EGPC) Acted as Joint Bookrunner for €4.8bn accelerated book-built offerings for KPC's Sanofi-Aventis shares in two separate transactions Created a consortium for Saudi Oger in its $6.55bn acquisition of the 55% stake in Turk Telecom Acted as Joint Bookrunner for Mashreqbank's two Floating Rate Notes offerings totalling $625MM Lead managed $500MM Floating Rate Note offering for Emirates Bank Acted as Joint Global Coordinator for the IPO of Kingdom Hotel Investments (KHI)
The Capital Group TCG was founded by Dr. Fahad Almubarak in 2001 In 2006, Dr. Almubarak was joined by Basel Algadhib as partner and Chief Executive Officer of the company The firm is engaged in offering investment banking and investment advisory services to select clients based mainly in the KSA In 2005, TCG applied and received license from the Capital Markets Authority (CMA) to offer Advisory (investment advisory) and Arranging (investment banking) services In 2006, TCG received licenses from the CMA to offer asset management, trading, and custody services Head office located in Riyadh, with branch offices in Jeddah and Khobar
Contact: Media Relations, Erik Portanger, +44.207.425.8425
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