Jan 01 2008 |
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Corporate Transparency Award for Saudi Firms Set
RIYADH, 1 January 2008 -- BMG Financial Advisors , in collaboration with the Saudi Research and Publishing Company , represented by Al-Eqtisadiah, will introduce the innovative Corporate Transparency Award to the Saudi market.An agreement for the Transparency Award program among the Saudi companies was signed yesterday between Basil Al-Ghalayini, chief executive officer CEO of BMG Financial Advisors , and Dr. Abdul Wahab Al-Faiz, chief editor of Al-Eqtisadiah, representing SRPC .
"The importance of this issue stems from the necessity of transparency for the efficient functioning of financial markets. The aim of this award is to provide awareness on the trends of the Saudi market and help investors get accurate information on all Saudi companies," Al- Ghalayini said.
"We are now participating in launching the transparency award for publicly-listed companies. These awards would promote a healthy competition among the private sector players. It also aims to support the healthy growth of the Saudi Arabian stock market" Al-Faiz said. He added that launching such awards reflects SRPC 's strategic approach to serve the private sector. Earlier, SRPC had launched "Top 100 Saudi companies" award, and subsequently it launched "Best 100 Working Environment Companies".
The BMG Saudi Index, is an equity index including the most 30 active stocks in the Saudi market, projecting the number of days traded, number of transactions and average value traded. The index is rebalanced on a quarterly basis, eliminating inactive stocks during the previous quarter, to include a representative sample of the stocks. The BMG Saudi Index is a total return index, free-float and market-cap adjusted.
According to the economic report, as a result of the boost given by Custodian of the Two Holy Mosques King Abdullah for infrastructure developments during the past few years, the Kingdom has witnessed an economic revolution, accelerated with the rise in oil prices.
"The growth in the retail investments into the capital markets, and a resurgence of consumer spending have strengthened the economic base of the country," the report said.
By Mohammed Rasooldeen
© Arab News 2008
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