| KHOBAR/DUBAI, March 28
KHOBAR/DUBAI, March 28 Citigroup has
formally applied for a licence to conduct capital markets
business in Saudi Arabia, two sources familiar with the matter
said, in a major move to return to the country after a roughly
thirteen year absence.
The application has been made with Saudi Arabia's Capital
Market Authority (CMA), whose primary role is to regulate and
develop the capital market in the oil-rich kingdom, the sources
The sources declined to be identified because of the
sensitivity of the matter
Investment opportunities in the kingdom are opening up as
the government diversifies its economy away from oil under its
National Transformation Plan. The government is also preparing
to list up to 5 percent of oil giant Saudi Aramco, an initial
public offering that could raise as much as $100 billion.
Citi declined to comment on its Saudi plans. The CMA was not
immediately available to comment.
(Reporting by Reem Shamseddine in KHOBAR, Saeed Azhar and Tom
Arnold in DUBAI; Additional reporting by Marwa Rashad in Riyadh;
Editing by Mark Potter)