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Saudi investment firm Khalijia to shut down

Posted on 07 April 2011

Khalijia Invest, a Saudi investment firm which counts two major Kuwaiti investment banks as shareholders, plans to shut down most of its operations due to a cash crunch, an internal document seen by Reuters showed. The retrenchment could be the first in a slew of similar actions in the kingdom where a raft of investment firms have been facing financial stress, with consolidation expected.

Riyadh-based Khalijia, which counts Kuwait’s National Investments and Gulf Bank as shareholders, has decided to cancel the licenses of its asset management, brokerage and custody services, an email to Khalijia staff said……………………………………..Full Article: Source

 
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