Saudi Swiss Securities was licensed by the Capital Markets 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.
Saudi Swiss Securities, 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.
Dr Saleh bin Abdulaziz Al-Omair, deputy chairman of the board of directors, expressed his gratitude to the CMA and the Ministry of Commerce and Industry, for their support.
He added:
"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."
Dr Sabah Hamed Al Sabah al-Binali, managing director of Saudi Swiss Securities, confirmed that the company intends to seek other licenses in due course, and thus become a full-service financial consultancy.
"We decided that beginning with brokerage was the way to go, and look forward to expanding, both within and outside the Kingdom. But we want to get it right, all the way. We are concerned with the pursuit of excellence in all our dealings; with clients, partners and our own people. I am committed to developing staff; to rewarding talent and facilitating advancement by merit," added al-Binali.
The chief operating officer of Saudi Swiss Securities, Dr Jamal Abdul Raheem, enumerated the features which the company offers its clients:
"State-of-the-art IT and infrastructure, strict client confidentiality and the highest international standards and services are mandatory at Saudi Swiss Securities. We have put in place all measures to provide the best service to our clients, in managing their portfolios and offering our personal attention at all times."
Azzam Albraikan, head of brokerage, confirmed the company's commitment to recruiting staff of the highest calibre:
"We have been most fortunate thus far in the people we have found for our company. And 67% of our current staff complement is Saudi nationals. We will offer an innovative range of products to clients; but without superior service, our business amounts to nothing. The beginning of service is hiring the right team."
Michael Philipp, Chairman of Europe, Middle East and Africa for Credit Suisse, wrapped-up proceedings by speaking of the opportunities offered by the Saudi market:
"Credit Suisse is very pleased to be part of Saudi Swiss Securities. 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."
Posted by Anne-Birte Stensgaard, Senior News Editor
