Business Today Web Exclusive

Destination India

Sultan Bin Said Al Qasimi, a member of Sharjah’s ruling family and investment banker, wants Gulf petrodollars to flow into India. Here’s how.

By Roshni Jayakar

Sheikh Sultan Bin Saud Al Qasimi, a member of the ruling family of Sharjah, UAE, was in Mumbai in May. The reason: He has joined the board of directors of Geogit Securities Ltd, following the joint venture between Barjeel Securities – belonging to Al Saud group – and Geojit Securities.

Says Sheikh Saud Al Qasimi:” Investments from the Gulf to North America alone amount to over $one trillion and I would like to bring atleast ten per cent of that amount to Indian markets.” Sultan’s Barjeel securities LLC is the first and the only licenced brokerage offering an investment opportunity in the Indian capital markets. As against this, Geojit Securities, which was the first brokerage house to launch online trading way back in February 2000, now has about 4000 NRI accounts of which nearly 90 per cent are of UAE based. Says Sheikh Al Qasimi:” The joint venture would boost the numbers especially from high net worth individuals, in a year’s time.” Not just through the joint venture but also through another company Gulf Investment Service, Oman, a registered FII in India, on which Sultan is a director, will help to channel investment funds from the Gulf.

Perhaps what would help is marketing India as a financial and tourist destination, says the Sultan. Is he making a beginning?

Issue Contents Write to us Subscription Syndication