US investment managerwth with the commence Franklin Templeton has embarked on a new chapter of groment of its operations in Riyadh, Saudi Arabia. This significant milestone follows the granting of licenses by the Saudi Capital Market Authority (CMA), allowing the company to offer its expertise in managing investments and operating funds, as well as providing advisory services.
Licensing Announcement by the CMA
The CMA announced on Wednesday that Franklin Templeton has been granted licenses for “Managing Investments and Operating Funds” and “Advising.” This regulatory approval paves the way for Franklin Templeton to establish a strong foothold in the Saudi Arabian market, enabling it to serve investors and clients with a comprehensive range of investment solutions and advisory services.
Franklin Templeton-Strategic Importance of the Middle East
Jenny Johnson, President and Chief Executive of Franklin Templeton, highlighted the strategic significance of the Middle East region for the company. She expressed delight at the opportunity for Saudi Arabian investors to access Franklin Templeton’s global expertise and robust investment platform, encompassing both public and private market offerings. This move underscores Franklin Templeton’s commitment to expanding its presence in key markets worldwide and meeting the evolving needs of investors.
Contributing to Saudi Arabia’s Economic Transformation
Muneera Al-Dossary, CEO of Franklin Templeton Saudi Arabia, emphasized the company’s commitment to supporting Saudi Arabia’s rapid economic transformation. With the Kingdom undergoing significant changes and reforms, Franklin Templeton aims to contribute to the development of the local asset management industry by offering innovative investment solutions and fostering the growth of local talent. This aligns with Saudi Arabia’s vision of diversifying its economy and enhancing its financial sector.
Global Asset Management Expertise
As one of the world’s largest global asset management companies, Franklin Templeton manages an impressive $1.6 trillion in assets under management. With nearly 25 years of experience operating in the region, the company has established itself as a trusted partner for sovereign wealth funds, central banks, family offices, and global private banks based in the Middle East. Its comprehensive suite of investment solutions caters to the diverse needs of institutional and retail investors alike.
Commitment to Innovation and Growth
In addition to its traditional asset management offerings, Franklin Templeton remains committed to innovation and growth. In 2018, the company listed its Franklin FTSE Saudi ETF on the New York Stock Exchange, providing investors with targeted exposure to large and mid-size companies in Saudi Arabia. This initiative reflects Franklin Templeton’s proactive approach to meeting the evolving demands of investors and expanding its product offerings to capture market opportunities.
Conclusion: Enhancing Access to Global Investment Opportunities
The launch of operations in Riyadh marks an important milestone for Franklin Templeton as it expands its footprint in the Middle East. By obtaining licenses from the CMA and establishing a local presence in Saudi Arabia, Franklin Templeton reaffirms its commitment to providing investors with access to its global strength and expertise. As Saudi Arabia continues its economic transformation journey, Franklin Templeton stands ready to support the Kingdom’s development efforts and contribute to the growth of its financial industry.
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