RIYADH: Financial investment and advisory firm Rothschild & Co. has officially entered Saudi Arabia by making two key appointments, as it aims to tap into the potential of one of the most promising investment banking markets globally. The Paris-based financial group named Nasser Al Issa as the firm’s head in Saudi Arabia, while Mark Sedwill has been named the chairman, Bloomberg reported, citing people familiar with the matter. The people who wished to stay anonymous revealed that Rothschild began applying for a license to set up in the Kingdom earlier this year, and it is planning to add more bankers in Riyadh. Representatives of Rothschild, however, were not available to comment on the Bloomberg report. According to Al Issa’s LinkedIn profile, he was the chief investment officer at Saudi Agricultural and Livestock Investment Co., before joining Rothschild. Al Issa has also worked with domestic banks including Samba Financial Group and National Commercial Bank. Sedwill is a former civil servant in Britain, and he is also a member of the House of Lords. He joined Rothschild last year and is currently serving as a member of the firm’s advisory board. In line with the goals outlined in the Kingdom’s Vision 2030, Saudi Arabia is steadily diversifying its economy which has been dependent on oil for several decades. Riyadh has already opened up its stock market to foreign investors, and the Kingdom’s Public Investment Fund is now one of the most prolific investors globally. On Oct. 23, Bloomberg reported that JPMorgan Chase & Co, one of the largest banks in the US, is set to add an additional 20 people to its operations in Saudi Arabia by the end of the year. The report noted that the bank is expected to double the size of its Saudi operations by the end of the year, compared to 2016, Bader Al-Amoudi, JPMorgan’s senior country officer said. He also noted that the bank will be hiring people across investment banking, local custody, client services and back office.