Arbah Capital, a closed-joint stock company licensed by the Saudi Arabian Capital Market Authority, on Tuesday night hosted a special ceremony for the firm’s shareholders and some of the Eastern Province’s leading businesspeople. As the first and only Islamic Wealth Management (IWM) firm based in the area, Arbah Capital celebrated the grand opening of its new corporate office and client lounge located in Dammam.
In front of an esteemed audience, company chairman Sheik Adel Al-Muammar expressed gratitude for their presence and about the company’s intended official launch in August. Having a distinctive presence with an identity based in the Eastern Province, Mr. Al-Muammar highlighted that Arbah Capital will leverage the most out of its strategic location in the area. “We are in a unique position to capitalize on our location in the Eastern Province,” said Mr. Al-Muammar. “Our shareholders are all intertwined with the business and culture of the region, so this bodes extremely well for us in terms of communicating our commitment to providing first-rate Islamic Wealth Management in the local market.”
Chief Executive Officer Saad Al Hassosah discussed with the attendees the progress that has been made so far in setting up the business. Mr. Al Hassosah proclaimed that Arbah Capital already has in place an experienced and multinational team with successful track records. He also announced the company’s preparations going on behind the scenes. “Arbah Capital will launch five innovative funds between our official opening and the end of the year. We are hoping to make our mark in the Kingdom as a pioneering and truly customer-oriented firm.”
Boosted by high oil prices and economic diversification, many investors in Saudi Arabia have seen their net worth increase substantially over the last few years. According to the International Monetary Fund, Saudi Arabia will witness 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 rapidly expand due to government initiated reforms to improve the Kingdom’s business climate.
“With all this in mind, many individuals in the Kingdom are looking to increase their wealth in a practical way,” said board member and shareholder Sheik Hussein Al Nemer of Awali Real Estate Investments. He continued, “I think this is why firms like Arbah Capital will flourish and assist investors in achieving their financial ambitions.”
