JEDDAH, 10 April 2007 -- The Capital Market Authority (CMA) of Saudi Arabia has approved yesterday four new companies to provide financial services in the Kingdom.
They are: Shuaa Capital Saudi Arabia, Investment Finance Consultancy (ICG), Watheeqa Capital, and Tawfeeq, according to Tadawul website. As such, the new companies are licensed to act as principal, agents, provide management, financial and consultancy services, keep client portfolios and act as investment advisors.
Commenting on the license, Shuaa Capital Chairman Majid Saif Al-Ghurair, said: "It is indeed a historic moment for Shuaa Capital, and we thank the Saudi Arabian regulatory authorities for their cooperation and all their efforts in facilitating our entry into the Kingdom's capital markets. We look forward to commencing operations from Saudi Arabia, where we aim to build unrivalled partnerships by capitalizing on Shuaa Capital's distinguished regional track record, its integrity, capabilities, and unique financial services and products."
Iyad Duwaji, Shuaa Capital's chief executive officer, said "under its license, Shuaa Capital Saudi Arabia can service our existing and potential Saudi clients with financial and investment opportunities in the GCC's largest market." He added that "launching our Saudi operations falls in line with our strategy to expand regionally and take our core business offering across key GCC markets."
Shuaa Capital (Saudi Arabia) is a closed joint stock company, with a paid-up capital of SR150 million. Shuaa Capital holds 60 percent of the shares, while Al-Faisaliah Holding Group, Sara Trade Holding, Al-Mutlaq Group and Ibrahim Abunayyan & Bros., control the remaining shares equitably.
© Arab News 2007
