India's Geojit to set up brokerage in Saudi Arabia

India's Geojit Financial Services Ltd said on Saturday it would set up a brokerage in Saudi Arabia with a group of local firms and investors. Mumbai-based Geojit said its joint venture partners were Saudi Arabia's Jamal and Khalid Al Johar Development Co, Oman's National Securities Co, UAE's Rasmalah Investment Co and eight other Saudi investors.
No financial details were disclosed.
The brokerage would also target the estimated 1.5 million Indians who live in Saudi Arabia, and aim at 10 percent of Saudi Arabia's financial services market in the next few years, a statement from Geojit said.