Subject : Accounting
RIYADH, Saudi Arabia, April 8, 2021 / PRNewswire / –
- Four subsidiaries under the aegis of the new group, focused on growth and innovation
- Launch of (Saudi Exchange), a specialist stock exchange company, and (Wamid), an applied technology solutions company aimed at strengthening the group’s capabilities in terms of services and solutions based on technology and innovation
- This transformation will strengthen the Saudi Tadawul Group’s position as an attractive destination for investors and a market of choice for issuers.
- Sarah Al-Suhaimi will chair the new group and Eng. Khalid Al-Hussan will be appointed general manager of the group
- This transformation establishes the necessary platform to achieve the group’s strategic goals and strengthen its infrastructure ahead of this year’s IPO (2021).
The Saudi Stock Exchange (Tadawul) today announced its transformation into a holding group structure and the strengthening of its capabilities in technological innovation by launching a company specializing in applied technology solutions, Wamid. This transformation marks a new chapter in the history of the group and indicates that it is ready for the IPO in 2021.
Tadawul has announced the launch of a holding company, the Saudi Tadawul Group, which will become the parent company with a portfolio of four subsidiaries: the Saudi Stock Exchange, a specialist stock exchange company (formerly known as the Saudi Stock Exchange Company – Tadawul) , the Securities Clearing Center Company (Muqassa), the Securities Depository Center Company (Edaa) and Wamid – a new applied technology services company focused on innovation and emerging technologies within the Saudi economy through pragmatic innovation.
The launch of Wamid will add depth and diversity to the offerings of the Saudi Tadawul Group and its subsidiaries, strengthen the market infrastructure through innovative solutions and seize expansion opportunities through targeted investments in a range of sectors and industries. It will increase the attractiveness of the Saudi financial market to global investors and strengthen its position as the stock market of choice for issuers.
The group will benefit from the integration and synergies between its subsidiaries, thus guaranteeing the efficiency of intra-group operations throughout the organization. The operational independence of each subsidiary will create an agile environment allowing rapid response to changing global and local market trends. It will also facilitate the introduction of top-notch services for all market participants, the diversification of investment opportunities and the continued development of the Saudi financial market, its infrastructure and member offerings.
To lead this group structure, Sarah Al-Suhaimi, current chairman of the board of directors of Tadawul, will become chairman of the Saudi Tadawul group, and Eng. Khalid Al-Hussan will become the general manager of the group.
Mohammed Al-Rumaih, with more than 17 years of experience in the financial sector, has been appointed Managing Director of (Saudi Exchange). Previously, Al-Rumaih held various administrative and managerial positions within Tadawul, and oversaw the development of several financial instruments, major quotes and marketing initiatives.
In addition, Mohammed Al-Nory was appointed Managing Director of (Wamid). Al-Nouri brings 16 years of experience in commercial and investment banking, with extensive knowledge of corporate finance, business development and capital market products.
At a press conference held virtually today, Sarah Al-Suhaimi, President of the Saudi Tadawul Group, said: The transformation into a new structure under the aegis of the Saudi Tadawul Group, will support the continued growth of the Saudi financial market and strengthen its position as a global leader and advanced financial market.
This is an important achievement in our drive to transform Saudi Arabia’s economy. Comprehensive capital market reforms are not only prudent, but also essential to ensure higher economic growth and achieve the national goal of achieving Saudi Arabia’s Vision 2030, in line with the strategy of the Public Investment Fund. (PIF), Mr. Al-Suhaimi added.
Eng. Khalid Al-Hussan, CEO of Saudi Tadawul Group, has comment: The new structure will allow us to provide high quality services in all of our business lines, increase our competitiveness and align our capital market with rapidly growing emerging markets. I have no doubts that the Saudi Tadawul Group and its subsidiaries will shape the future of capital market development in Saudi Arabia, serving as a bridge between global investors and regional economies. This transformation provides a solid platform for the Saudi Tadawul group’s IPO.
Al-Hussan continued: Group transformation is part of a program of continuous development. The development program aims to strengthen the capital market, attract foreign investment and diversify the economy, while helping investors and investors realize their ambitions and giving them access to attractive investment opportunities, in what is considered to be the next financial capital of the region.
These press releases may also interest you
Communiqu sent on April 8, 2021 04:26 and distributed by:
Get the latest news delivered to your inbox
Follow us on social media networks