JEDDAH: The Kingdom’s economy and the stock market are likely maintain their upward momentum because of major reforms adopted by the government, according to the head of a top investment advisory firm.
Faisal Alsayrafi, president of Financial Transaction House (FTH), was speaking after his firm signed a membership agreement with Geneva Group International (GGI), a leading law, accounting, audit and consulting firm.
“Uncertainty has affected the mood of investors now but once the things are clear the market will move upward. The fundamentals are very strong in the Kingdom,” said Alsayrafi.
“Saudi economy is also doing very fine and will keep its upward momentum because of major economic reforms adopted by the government,” he said, pointing out that regional unrest had not affected the Kingdom’s economy.
“The spending package announced by Custodian of the Two Holy Mosques King Abdullah recently has given added impetus to the Saudi economy,” Alsayrafi said.
He praised the government’s efforts to create more jobs for Saudis.
He said the government recently raised the minimum wage for Saudis to SR3,000 and that action would help attract more citizens into the job market.
Alsayrafi said the agreement with GGI is another success for his firm.
He said companies should provide excellent client services and meet high quality standards to be accepted by GGI, which is rated among the top 10 institutions worldwide and employs a rigorous method, when selecting and admitting new members.
Alsayrafi said FTH had been providing top quality services to its clients in the Saudi and other regional markets and the new deal would further promote its activities.
He said FTH, licensed by the Ministry of Commerce and Industry to provide financial advisory services to non-securities business, has succeeded in closing deals for major clients during the past 17 years through the use of the latest corporate finance techniques.
Alsayrafi said the signing of the agreement with GGI comes within the framework of strategic alliances taking place in global financial markets. This in turn will represent the best mix of transactions and investment opportunities.
GGI, which has a presence in more than 80 countries, has a membership of more than 460 specialized independent firms.
Source : Arab News, May 22, 2011 23:37