Franklin Templeton launches operations in Saudi Arabia
DUBAI, March 21 (Reuters) - Investment manager Franklin Templeton has officially launched its operations in Saudi Arabia after obtaining two licenses from the Gulf country's bourse regulator, as more companies set up base in the kingdom.
Franklin Templeton has obtained a Managing Investments and Operating Funds license as well as an Advising one from Saudi Arabia's Capital Market Authority (CMA), it said in a statement.
As Saudi Arabia attempts to wean its economy off oil under its economic transformation strategy known as "Vision 2030", competition with the United Arab Emirates - the traditional financial hub of the region - to draw foreign business has increased.
Riyadh had also set up a deadline, which expired in January, for foreign firms to establish their regional headquarters in the kingdom or lose out on hundreds of billions of dollars in government contracts.
Under the programme, which Saudi Investment minister Khaled Al-Falih said has attracted 200 foreign companies as of December, firms enjoy offer tax incentives including a 30-year exemption for corporate income tax.
"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," Franklin Templeton President and CEO Jenny Johnson, was quoted as saying.
Franklin Templeton has $1.6 trillion in assets under management and its team in Riyadh includes professionals focused on the region's equity, fixed income and sukuk markets. (Reporting by Federico Maccioni, Editing by Franklin Paul)
