Awali celebrates inauguration of KSA headquarters with Arbah Capital

As the first and only Islamic wealth management firm based in the area, Arbah Capital celebrated the grand opening of its new corporate office and client lounge in Dammam.

Company chairman, Sheikh Adel Al-Muammar, thanked the guests for attending and spoke about the company's official launch, which is scheduled to take place in August. Mr. Al-Muammar stated that Arbah Capital's distinctive presence and identity would leverage the most out of its strategic location in the Eastern province of KSA. "We uniquely positioned to capitalise on our location in the Eastern Province," said Mr. Al-Muammar.

"Our shareholders are all already well established within the business and culture of the region, which bodes extremely well for us in terms of communicating our commitment to providing first-rate Islamic wealth management services in the local market."

Chief Executive Officer, Saad Al Hassosah, gave guests an account of the progress that has been made in setting up the business thus far, reporting that Arbah Capital already has an experienced, multinational team with successful track records in place. He also provided guests with a glimpse of the preparations currently underway behind the scenes, saying, "Arbah Capital will launch five innovative funds in the period between our official opening in August and the end of this year. We hope to make our mark in the Kingdom as a pioneer and a truly customer- oriented firm."

Buoyed by high oil prices and economic diversification, many investors in Saudi Arabia have seen their nett worth increase substantially over the last few years.

According to the International Monetary Fund, Saudi Arabia can expect to see an average annual growth rate of 5.6% for the next five years. Although oil production will still serve as an important mechanism for growth; the IMF predicts that non- oil activity will continue to expand rapidly due to government initiated reforms and initiatives for improving the Kingdom's business climate.

"With all of this in mind, many individuals in the Kingdom are looking for practical means of increasing their wealth," said Sheikh. Hussein Al Nemer, Awali Chairman and member of Arbah Capital's board. He continued, saying, "I believe that this is driving force behind the company's focus on assisting investors to achieve their financial ambitions."