Dubai – Mubasher: Al Ramz Corporation Investment and Development and Saudi financial services firm Derayah joined forces to bolster market making and liquidity provision across the Kingdom, according to a press release.
The comprehensive agreement covers various investment banking aspects and aims to transfer knowledge and expertise into a new joint venture (JV) entity. It also comes within the framework of the Capital Market Authority's (CMA) vision to anchor the market and widen investment offerings in the Saudi market.
Meanwhile, the two parties will allocate the required investments and technical expertise to ensure that the new entity achieves its objectives and secures a leading position in the sector.
Mohammad Al Mortada Al Dandashi, Group Managing Director of Al Ramz, said: "Together, we aim to set new standards in market making and liquidity provision through the combined experience and expertise of Al Ramz and Derayah, driving not only the growth of our institutions but also contributing positively to Saudi Arabia's thriving financial sector.”
“Since the launch of market-making activities, Al Ramz was able to establish its leadership in this domain, being the largest in terms of turnover as a private Market Maker in the UAE and the second largest in terms of volume in the UAE after QMM,” Al Dandashi noted.
He indicated: “We are currently the market maker on 40 stocks listed in UAE and we look forward to building such a record under this partnership with Derayah."
This partnership marks a new era of cross-border financial collaboration, enabling Al Ramz and Derayah to contribute to boosting Saudi Arabia's financial markets in line with the Kingdom’s Vision 2030.
Through the deal, the two companies will foster these key market mechanisms, while providing the clients with enhanced trading possibilities and a more seamless investment experience.
Mohammed Al Shammasi, CEO of Derayah, commented: “We believe this partnership will be pivotal in enhancing our offerings and cementing our position in Saudi Arabia's financial markets.”
In the first half (H1) of 2023, Al Ramz posted a year-on-year (YoY) decline in net profit to AED 13.73 million, compared to AED 22.18 million.
