RIYADH, 9 April 2007 — Dr. Abdul Rahman Al-Tuwaijri, chairman of the Capital Market Authority (CMA), yesterday inaugurated the first center of Jadwa Investment Company here in the presence of Prince Faisal Bin Salman, chairman of the Saudi Research & Marketing Group (SRMG) and chairman of Jadwa.
The opening ceremony was attended by Sheikh Abdullah Al-Mutlaq, a member of the Council of Senior Islamic Scholars and head of Jadwa’s Shariah Committee, and its board members as well as a large number of businessmen.
The CMA issued a license to the SR500 million Jadwa Investment Company in August last year to carry out activities such as investment, management and advising in accordance with CMA regulations.
Speaking to reporters, Tuwaijri said the CMA had licensed more than 45 banking and investment companies, adding that some of them have already started operation. He hoped that the new companies would provide excellent services to their clients in the capital market, adding that a number of new companies have applied for license.
“The competition among these companies to provide better services will have a positive impact on the market,” he added.
Prince Faisal Bin Salman 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,” Prince Faisal said. “Jadwa is managed by an experienced group of professionals who will ensure, God willing, the achievement of its ambitious objectives,” he added.
Prince Faisal Bin Salman expressed his satisfaction over building the foundation for the establishment of an international Islamic investment company in Saudi Arabia. “I take this opportunity to thank Dr. Tuwaijri, and Dr. Mutlaq as well as the board members and media persons for their participation in this distinguished event,” he said.
Tuwaijri said he was happy to open Jadwa’s first center in the capital city and hoped that the company would contribute to organizing the market, the largest in the Middle East in terms of capitalization. “These companies play a big role in helping investors by providing them with necessary advice and research in order to make appropriate investment decisions,” the CMA chief said.
He hoped that Jadwa would open a number of branches in various parts of the Kingdom and expected the launch of new intermediary companies.
Prince Faisal also expressed his confidence in the Saudi economy and commended the ongoing efforts to improve the Kingdom’s investment infrastructure.
Ahmed Al-Khateeb, chief executive officer of Jadwa, said his company would soon open new centers in Jeddah, Alkhobar and Hofuf, adding that they have been designed to provide the best possible services to investors.
He reiterated Jadwa’s strong commitment to Islamic teachings. He also highlighted the company’s long-standing experience in the field, saying that it would benefit its clients. “Before designing the center, we had conducted personal interviews with targeted clients to know their needs. We are confident that this center will satisfy our clients and create a suitable atmosphere for investors.”
Khateeb 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 individual, corporate and institutional clients.