RIYADH, 14 March 2007 — The Capital Market Authority (CMA) has granted brokerage and asset management and custody licenses to BMG Financial Advisors, which is expected to commence these operations in July this year.
Disclosing this to Arab News, Basil Al-Ghalayini, CEO of BMG, said: “We appreciate the level of diligence that the CMA employs and we thank them for granting us the additional licenses. BMG will continue to provide excellent services and extend such high standards to brokerage and asset management”. The firm was among the first to get licenses from the CMA in 2005.
BMG, which is based in Jeddah, has recently opened its new office in Riyadh, which will serve as the head office. It will be integrated and equipped with state- of- the- art technology.
Al-Ghalayini said the new licenses have come at a time when BMG is realizing a substantial boom in its business. The company has recently closed two major transactions, the initial public offering (IPO) of MedGulf and the raising of capital for a world-class wellness center in Dubai. The company is also currently engaged in several other IPOs, private placements and acquisitions. Besides the insurance sector, in which it is particularly strong, the company has a wealth of experience in healthcare, retail, aviation and telecommunications fields.
Transactions undertaken by BMG are Shariah compliant and will continue to remain so with the additional licensed functions of asset management, brokerage and custody.
Yara Anabtawi, director at BMG, stated: “In preparation for our expansion and grant of the new licenses, we have forged a strategic alliance with a leading investment firm in Cairo, Beltone Financial, which has a proven track record in both asset management and brokerage. Our early planning is paying off and will enable us to swiftly launch our new operations”.
In accordance with the regulations, the firm is being transformed into a closed joint stock company which includes prominent shareholders such as Mohammed Youssuf Naghi, Walid Abanumay, Abdulaziz Al-Nabhan, Khalifa Al-Saif, and Abdulhadi Shayif.