Mumbai: Reliance Money, the brokering arm of the Anil Dhirubhai Ambani Group (ADAG), has teamed up with Bahrain-based advisory firm Riyada Consulting to launch Riyada Reliance Money, in Saudi Arabia.

The launch of the venture was announced jointly by Her Highness Shaikha Dheya Bint Ebrahim Al Khalifa, president of Riyada Consulting, and Sudip Bandyopadhyay, director and CEO of Reliance Money.

Reliance Money will have a 26-per cent stake in the joint venture.

Riyada Reliance Money plans to raise $53.34 million in the first phase through a stake sale to Gulf institutional investors, Reliance Money said in a statement.

The stake sale, however, will not impact management control of the joint venture, said Bandyopadhyay.

The joint venture proposes to launch brokering, corporate finance, investment banking and asset management services and will soon seek regulatory approvals for the same, he said.

The company expects to obtain membership of the Saudi Arabian Stock Exchange after receiving Saudi Capital Market Authority approval for dealing, managing, custody, advisory and arranging activities in the local securities markets.

''We plan to have a significant footprint in the region," said Bandyopadhyay, adding, ''We already have a presence in Oman and Dubai, and our presence in Saudi Arabia will further complement our efforts to have a larger role in the region.''

Saudi Arabia is the fourth country where Reliance Money will start its operations in less than one year of its decision to tap the overseas markets. Reliance Money already has a presence in Hong Kong, and plans to expand operations across Europe, North Africa, the Middle East and Southeast Asia by 2009.

"We aim to generate 50 per cent of our revenues from overseas markets by 2012 and capture a bigger share of the $19.5 billion invested in India last year by overseas funds," said Bandyopadhyay.

Reliance Money claims to have become the first Indian corporate to start a new company to offer financial services in Saudi Arabia.