Japan’s Sumitomo Corp to set up advisory services unit in Riyadh

Tokyo-based Sumitomo Mitsui Banking Corp (SMBC) was licensed by the Saudi Arabian General Investment Authority (SAGIA) to launch an advisory services subsidiary in Riyadh by the end of this year.

“With this approval, SMBC will promptly take the necessary steps to commence business operations,” the company said in a statement.

The financial institution, which is a wholly owned subsidiary of Sumitomo Mitsui Financial Group, will provide advisory services to Japanese firms that are considering investments in the Kingdom.

It will also aim to improve services and enhance its capabilities with regard to various infrastructure development projects, for which strong demand is expected to continue.

Last March, SMBC signed a framework of cooperation with SAGIA to boost mutual trade and investments between Saudi Arabia and Japan.

In 2014, SMBC opened a representative office in Abu Dhabi, as part of its initiatives to strengthen presence in the Middle East.