Alinma Investment launches new funds

21/12/2010 00:00 AST

After passing regulatory muster with the Saudi Arabian Capital Market Authority (CMA), Alinma Investment has announced the launch of official public operations with licenses to engage in all investment related activities including dealing, managing, arranging, advisory and custody services.

Speaking at the launch, Abdul-mohsen Al-Fares, chairman of the board of directors of Alinma Investment, said that time was right for launching the business and the price-to-earnings ratios of local and international companies were suitable for investment. He also noted that governmental, legislative and regulatory support in the Kingdom had created a strong investment environment that made the launch possible.

Saud Al-Ghoneim, acting CEO of Alinma Investment, said the company was fully prepared to provide investment services and products that meet the needs and fulfill the aspirations of company partners (clients). He added that Alinma Investment would concentrate its activity, in its first stage of development, on the local market by offering brokerage, trading, fund investment, portfolio management, Sukuk issuance and consultation services to private and public institutions.

Al-Ghoneim also drew attention to Alinma Investment's use of state-of-the-art technical systems to deliver its fully Shariah-compliant products and services to partners across the Kingdom with speed and accuracy. He also noted that Alinma Investment would work to fulfill its promise of "fruitful partnership," which has been adopted as the company's slogan. He said that products and services would be offered to all segments of society as well as to enterprises and companies in both the public and private sectors.

For its launch, Alinma Investment will offer partners two fund options: The Alinma Saudi Stock Fund and the Alinma Liquidity Fund (in Saudi Riyals), both of which are licensed by the CMA.

Arab News