Al Ramz, Al Jazira ink Tadawul agreement
Abu Dhabi, May 20, 2012
UAE-based brokerage house, Al Ramz Securities, has announced that it has signed an agreement with Al Jazira Capital in Saudi Arabia to provide Ramz clients with access to Tadawul, the Saudi Stock Exchange.
The agreement was formally signed by Mohammad Al Mortada Al Dandashi, partner and managing director of Al Ramz Securities, and Ziad Tarek Aba AlKhail, CEO and managing director of Al Jazira Capital.
It is in line with Al Ramz’s strategic expansion into regional markets, a statement from the company said.
“Saudi Arabia is the region’s largest economy, so it offers major trading opportunities and has been one of our priority target markets from the very beginning. Al Jazira Capital is a market leader with vast experience and an impressive track record and we look forward to a long and productive alliance,” Al Dandashi said.
“This agreement will simplify the process of opening accounts and placing orders through a local partner such as Al Ramz Securities which is regarded as one the leading brokerage houses in UAE and has proven its ambition and drive for excellence through the years,” said AlKhail.
Al Jazira Capital is the investment arm of Bank Al Jazira with a paid capital of SR 5 million. The Shari'ah-compliant Saudi Closed Joint Stock company operates under the regulatory supervision of Saudi Arabia’s Capital Market Authority.
Al Jazira has been ranked among the top companies for the past eight years in terms of market share. It is currently expanding its brokerage capabilities to offer more value-added services across the Mena and international markets.
Al Ramz Securities is a member of the Abu Dhabi Securities Exchange (ADX), the Dubai Financial Market (DFM) and Nasdaq Dubai. It provides retail and institutional services via branches in Abu Dhabi, Dubai, Al Ain.
It is the first local-based brokerage licensed by the Emirates Securities and Commodities Authority to provide research services to customers. It was recently approved by SCA to provide brokerage services outside UAE. – TradeArabia News Service