- Franklin Templeton company obtained “Managing Investments and Operating Funds” and “Advising” licenses from Saudi Capital Market Authority
RIYADH: US investment manager Franklin Templeton has launched its operations in Riyadh after being licensed by the Saudi Capital Market Authority.
The company has obtained the “Managing Investments and Operating Funds” and “Advising” permits, the CMA announced on Wednesday.
This move comes as Saudi Arabia is seeking to attract more foreign businesses to open up offices in the Kingdom, as part of its economic transformation initiative Vision 2030.
A key measure is the regional headquarters program, which offers foreign companies establishing their Middle East bases in the Kingdom a 30-year exemption from corporate income tax.
This led to more than 200 international firms applying to open HQs in Riyadh by the end of 2023, meaning they are now eligible to procure government contracts in Saudi Arabia.
Commenting on the launch of Franklin Templeton’s operations in Saudi Arabia, Jenny Johnson, president and CEO of the firm, said: “The Middle East is a key region for Franklin Templeton. We are delighted that Saudi Arabian investors now have local access to the firm’s global strength through its robust global platform and public and private market offerings.
“Local clients will have a wide choice of investment solutions across asset classes, styles and geographies, including its considerable $256 billion global alternatives platform; its knowledge hub through the FT Academy and FT Institute as well as its fintech and digital ecosystem.”
Muneera Al-Dossary, CEO of Franklin Templeton Saudi Arabia, added: “Saudi Arabia is transforming its economy at a rapid pace, and we are looking forward to contributing to the development of its local asset management industry through innovative investment solutions and training of local talent.”
Franklin Templeton boasts $1.6 trillion in assets under management, and its acquisitions include Legg Mason, Benefit Street Partners and Lexington Partners as well as Alcentra and Putnam Investments.
The firm has been operating in the region for nearly 25 years and serving some of the world’s largest sovereign wealth funds, central banks, family offices and global private banks based locally.
In 2018, it listed its Franklin FTSE Saudi ETF on the New York Stock Exchange to provide investors with targeted exposure to large and mid-size companies in Saudi Arabia.
Source: Arab news
