08 February 2010
UAE’s Rasmala Investment Bank (“Rasmala”) and The Royal Bank of Scotland Group announced today that they have signed a binding agreement to produce equity research on a number of shares listed on Middle Eastern stock markets. Rasmala–RBS Research is expected to cover 50 to 60 stocks within 12 to 18 months from its launch scheduled for April 2010.
Middle Eastern companies have received heightened international attention in recent months, spurring investor demand for transparent and accurate information about regional market activities. Rasmala and RBS will deliver cutting edge research covering several sectors and listed companies on Middle East stock markets to respond to this demand.
“RBS is actively expanding its Equities product offering in the region. This strategic partnership will complement our existing strengths in Corporate Advisory, Capital Markets, Treasury and Trade Finance. Joining forces with Rasmala demonstrates RBS’s continued focus and commitment to the Middle East & Africa business,” commented Simon Penney Head of RBS’s Global Banking & Markets Division for Middle East & Africa. “
Commenting on the signing, Tamer Bazzari, CEO of Rasmala said “The alliance with RBS will ensure that our clients receive high quality research on companies listed in the Middle East combining Rasmala’s deep regional knowledge with RBS’s international experience. With the development of Middle East capital markets, international institutions will become steadily more active in the region, and this alliance will enable both of us to serve them better”.
Zafar Alam, Head of Equities and Structured Retail, Middle East & Africa at RBS said RBS’s partnership with Rasmala will provide a compelling research and execution offering for our clients. “We are confident that Rasmala’s regional footprint and expertise in equity research and brokerage will provide comprehensive insight into Middle East listed companies to benefit international investors and institutions,” he added.
Rasmala’s brokerage business is headed by Khaled Masri, and today provides a full range of regional brokerage services in 14 markets. The alliance with RBS is expected to grow the client base and flows for this business considerably.