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Mumbai, Nov. 18 Aloula Geojit Brokerage Company, the recently established joint venture between Geojit Financial Services and Saudi Arabia’s Al Johar group, said it had started executing trades on Saudi Arabia’s stock Exchange, TADAWUL.

This would make Geojit the first Indian broking firm to start domestic retail operation in Saudi Arabia, said a news release from the company.

Aloula Geojit executed its first trade on November 10, 2008, on TADAWUL.

“At the moment we will be offering our broking services in the local equity market to the Saudi nationals. And with time we will offer them the entire gamut of Geojit’s services,” said Mr C.J. George, Managing Director, Geojit Financial Services.

Later on these services will made offered to NRIs in Saudi Arabia as well, also providing them access to the Indian capital market and mutual funds.

Aloula Geojit has its headquarters in Riyadh. The Dammam branch will be functional in two months. More branches will be opened across Saudi Arabia.

On Tuesday, Geojit Financial Services Ltd closed trading on the BSE at Rs 22.25, a fall of 3 per cent over the previous day’s close.

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