Riyadh – Mubasher: Saudi Arabia’s investment company Riyad Capital has joined the Saudi Exchange (Tadawul) as an equities market maker for Al Rajhi Bank and Americana Restaurants International, which is also listed on Abu Dhabi Securities Exchange (ADX).
The role Riyad Capital will play as a market maker is providing bids and asking quotes for the Saudi lender and the company equities to ensure the availability of liquidity in line with Tadawul’s market maker obligations, according to a press release.
Mohammed Al Rumaih, CEO of Tadawul, and Abdullah Alshwer, CEO of Riyad Capital, attended the market making ceremony.
Al Rumaih said: “We introduced market making for the equity and derivatives markets in December 2022, and since then, have been working to add more market makers to Tadawul.”
The Saudi stock market’s official added: “By serving as a market maker, Riyad Capital will play a key role in facilitating trading activity, generating more investor interest, and supporting our mission to develop a sophisticated capital market that aligns with the goals of Vision 2030.”
Meanwhile, Alshwer noted: "As a leading investment company in Saudi Arabia, we are committed to providing liquidity and enhancing market efficiency for our clients. Our appointment as a market maker for these companies is a testament to our strong reputation and track record in the Saudi capital market.”
Riyad Capital was incorporated in 2004 and currently offers asset management, investment banking, brokerage, and research services.
In the first quarter (Q1) of 2023, Al Rajhi Bank achieved net profits worth SAR 4.14 billion, while Americana Restaurants reported a net profit to the shareholders worth $58.12 million.
