Nomura, which includes wealth management amongst its services, has appointed Khaled AlKhattaf as chief executive for Saudi Arabia, in a bid to strengthen its presence in the region.

AlKhattaf joins the firm from the Saudi Arabia Stock Exchange, the Tadawul, where he most recently served as chief financial officer. Before joining the Tadawul he worked at SAMA as assistant director of the investment management department, where he ran investment portfolios and was part of the Monetary Policy Committee. He has also worked at the World Bank in various treasury and investment roles.

In his new role AlKhattaf will be responsible for developing Nomura's business in the Kingdom, which includes wealth management as well as investment banking and capital markets.

“Under Khaled's leadership, we look forward to further developing our Saudi business," said Philip Lynch, CEO of Asia excluding Japan and Middle East at Nomura.

Nomura received its commencement letter to launch its operations for Saudi Arabia in July 2009, allowing it to offer corporate finance and wealth management services for its clients and deal as an agent for overseas securities. In April 2010, it formally opened its first offices in Riyadh.