JEDDAH, 22 August 2006 — The Capital Market Authority (CMA) on Sunday issued a license to the SR500 million Jadwa Investment Company to carry out activities such as investment, management and advising in accordance with CMA regulations. In a statement yesterday, Prince Faisal Bin Salman, chairman of the company, appreciated CMA’s continuous efforts for the development of the capital market in order to boost the national economy, improve business environment and protect the interests of investors.
“Jadwa Company is being founded by a distinguished group of Saudi businessmen with a paid-up capital of SR500 million, which will enable the company to become a leading provider of investment solutions,” the chairman said. Jadwa is managed by an experienced group of professionals who will ensure, God willing, the achievement of its ambitious objectives,” he added.
Ahmed Al-Khateeb, the chief executive officer, said Jadwa aims to become a pioneer in the field of Shariah-compliant investment services, through the development of innovative and leading investment and financing products tailored to meet the needs of its individual, corporate and institutional clients.
“Jadwa Investment is committed to providing high quality services by its experienced professionals utilizing the most advanced technologies available today,” Khateeb said, adding that the company would create career opportunities for young Saudis providing them with extensive training and development programs.