Mumbai: Reliance Money, the brokering arm of the Anil Dhirubhai Ambani Group (ADAG), has launched a joint venture in Saudi Arabia with Bahrain-based advisory firm Riyada Consulting.

Riyada Reliance Money, the new joint venture company, plans to raise $53.34 million (Rs.2.3 billion) in the first phase through sale of a stake to Gulf institutional investors, said a statement issued by Reliance Thursday.

Reliance Money chief executive and director Sudip Bandyopadhyay said: "We plan to have a significant footprint in the region. We will be seeking regulatory approvals and also be looking at strategic dilution of equity to institutional investors in the Gulf region."

However, he said Reliance will retain management control post.

The venture will seek regulatory approvals for launching services, including brokering, corporate finance, investment banking and asset management.

"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," said Bandyopadhyay.