DUBAI- U.S. investment bank Moelis & Co MC.N has been granted an advisory licence by Saudi Arabia, the Capital Market Authority said on Tuesday, in a move that will enable the boutique firm to secure more deals in the kingdom.
The licence will allow Moelis to conduct arranging and advisory activities in the kingdom, the CMA said.
Moelis, which worked with Saudi oil giant Aramco on its record $29.4 billion initial public offering (IPO) as an independent financial adviser to the company, was not previously able to perform transactions directly with the CMA.
The granting of the licence comes as several Saudi Arabian companies plan listings on the Riyadh exchange in the coming months, with the kingdom keen to strengthen its capital markets as part of efforts to reduce its reliance on oil revenue.
Moelis is currently on working on a planned share sale by BinDawood Group, which owns the Danube and BinDawood supermarket brands, in a deal that could raise about 1.5 billion riyals ($399 million). ($1 = 3.7560 riyals)
(Reporting by Hadeel Al Sayegh Editing by David Goodman ) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))