S&P Global Ratings was today formally presented with its Kingdom of Saudi Arabia 100 per cent Foreign Owned Investment Licence by HE Eng. Ibrahim Al-Omar, the Governor of Saudi Arabian General Investment Authority (SAGIA), in a ceremony at the Saudi-British Business Forum 2018 in London.
S&P Global Ratings opened its branch in Riyadh in October 2017, as part of an expansion of its operations in the Middle East. It was the first international credit rating agency to be licenced to conduct credit rating activities in the Kingdom.
Yann Le Pallec, Executive Managing Director, S&P Global Ratings, accepted the licence on behalf of S&P Global Ratings. Commenting on the presentation of the licence.
“I would like to extend my sincere thanks to SAGIA, as well as the Capital Markets Authority and other government ministries who have supported our establishment in this important market. We look forward to working more closely with all parties to help provide access to a deeper pool of capital. S&P Global Ratings has been involved in the development of the world’s financial markets for over 150 years and we are pleased to expand our presence in the Middle East through the establishment of an office in Saudi Arabia,” said Le Pellac.
The official launch of S&P Global Ratings Saudi Arabian operations was celebrated at a formal event in Riyadh on 23 October 2017. It was attended by senior Government officials from different ministries and authorities, as well as executives from publicly-listed companies, financial institutions and advisers.