RIYADH, 29 May 2007 — Saudi Swiss Securities (SSS), a Saudi Arabian financial services company, was launched at a press conference held here yesterday. With a diversified mix of regional shareholders, such as Olayan Financing Company, Ali Zaid Al-Quraishi & Brothers Company, Sheikh Mohammed bin Ali Abalkhail, Omran bin Mohammad Al-Omran, Saleh ibn Abdul Aziz Al-Omair and ABQ Investments, and global investment bank Credit Suisse, the new company will start by offering broking and share trading services to the Saudi public.
SSS was licensed by the Capital Market Authority (CMA) of Saudi Arabia in late 2005, to provide brokerage services. The company successfully obtained its commercial registration and began its initial operations early in the second quarter of 2007.
While expressing his gratitude to the capital CMA and the Ministry of Commerce and Industry, for their support, Dr. Saleh ibn Abdul Aziz Al-Omair, deputy chairman of the board of directors of the Saudi Swiss Securities, said the company in partnership with a global bank and local partners, combines international banking expertise with strong local insight and a deep understanding of the Saudi market. “We are fortunate to have the support and expertise of one of the world’s leading financial institutions at our disposal. Coupled with the best of local Saudi experience and on the ground market intelligence, we will offer our clients — drawn from all sectors of the economy — our specialized and personalized service, which draws on the strength of one of the world’s leading banks,” he added.
Al-Omair pointed out that the SSS, initially licensed to offer full service equities brokerage, will also apply for other related licenses to offer enhanced services to its clients.” Our plan is to transform into an investment bank through which we could attract local, regional and international investments to the Kingdom,” he added.
Answering a question, Al-Omair said that the company’s aim is to give the correct picture of Tadawul to its clients so that the customers could make their investments using their own discretion based on the performance of the listed companies. “We will tell the positive and negative side of the movement of stocks to our clients.”
Explaining the fluctuations in the market, he said: “ These ups and downs are common in an open economy where there is a free market. The investors should bear in mind that the Kingdom has a vibrant economy.” He predicted that the new insurance companies that are coming into Tadawul will further stabilize the Kingdom’s stock market.
Speaking of the opportunities offered by the Saudi market, Michael Philipp, chairman of Europe, Middle East and Africa for Credit Suisse said: “Saudi Arabia is the dominant economy in the Gulf region and has one of the fastest growing and dynamic equity markets in the world. We see significant opportunities for international and regional investors and are proud to be among the first global financial services companies to offer our services in this important market.” Philipp said the company which enjoys 67 percent Saudi staff, intends to recruit more locals in supporting the Saudization program.
Dr. Sabah Hamed Al-Sabah Al-Binali, managing director of Saudi Swiss Securities, confirmed that the company intends to seek other licenses and thus become a full-service financial consultancy.