Macquarie downsizing its operations in the UAE and it is giving its Saudi operating licence.
Thursday 09, May 2019 BY MUZORIWA KUDAKWASHE
Australia’s Macquarie is scaling back in the Middle East by downsizing its operations in the UAE and is giving up an operating licence in Saudi Arabia, reported Reuters.
Earlier this week, the Kingdom's Capital Market Authority (CMA) announced that Macquarie Capital, the lender's investment banking unit, had relinquished its operating licence in the country, which it had acquired in 2017.
In a statement, CMA said that Macquarie Capital Saudi Arabia requested the regulator to cancel its authorisation to conduct arranging and advising activities and it the company had not commenced business yet.
In the UAE, the Australian lender is said to be downsizing its operations in Abu Dhabi and Wissam Moukahal, the Executive Chairman at Macquarie Capital left the company.