JEDDAH, 20 March 2007 — Arzak Global Investment (AGI) has entered into a strategic alliance with Caldwell Financial Ltd., when the latter bought 20 percent of the Saudi firm’s shares worth $20 million. The Canadian company is the second largest institutional investor in the New York Stock Market.
Tameem Abdullah Jad, chief executive officer of AGI, said his company will use the expertise of Caldwell Financial Ltd. in asset management and provide financial services to its investors.
The coalition comes in the wake of Saudi Arabia’s accession to the World Trade Organization and efforts of the Saudi Arabian General Investment Authority (SAGIA) to improve the Kingdom’s investment climate.
“This has encouraged many international businessmen and investors to enter the Saudi market,” Jad told Arab News, adding that AGI was preparing, along with Caldwell, to enter the Saudi financial market after receiving a license from the Capital Market Authority to work as a financial mediator. Jad also spoke about the company’s plan to set up specialized investment funds for assets.
“All factors are available for the success of these funds with the support of Caldwell that enjoys considerable experience in global financial markets,” he pointed out. Jad recently signed a deal with Thomas S. Caldwell, who is chairman of Caldwell Financial and its subsidiary companies Caldwell Asset Management Inc. (New York), Caldwell Securities Ltd. (Toronto), and Caldwell Investment Management Ltd. (Toronto).
Arzak Global Investment is a company that creates investment opportunities, both locally and abroad, through its different subsidiaries: private equity and real estate, fund management, brokerage and advisory and private banking.
Arzak will cooperate with Caldwell Financial in providing exclusive investment products in the Kingdom by facilitating and offering the Saudis, as corporate and individuals, to buy seats in the stock markets. It is currently implementing its first real estate project — a large luxurious resort in Cyprus.