UAE-based Al Ramz Corporation and Derayah, a leading Saudi financial services company, have announced a groundbreaking strategic partnership aimed at revolutionizing market-making and liquidity provision in the Kingdom.
The comprehensive agreement, encompassing various investment banking aspects, forged through the collaborative efforts of both institutions, aims to transfer knowledge and expertise into a new joint venture entity.
According to the company statement, “This move is aligning with CMA’s vision to enhance the market and broaden investment offerings in the Saudi market. Both parties are committed to allocating the necessary investments and technical expertise to ensure the new company achieves its set objectives and helps it grow and attain a leading position in the sector.”
The announcement marks the mobilization of establishing the joint venture, after obtaining the regulatory approvals, and the teams are ready to start tapping the Saudi market with a focus on market-making and liquidity provision. Both Al Ramz and Derayah are committed to realizing the full potential of this partnership and contributing to the growth and development of the Saudi financial industry.
Mr. Mohammad Al Mortada Al Dandashi, Group Managing Director of Al Ramz Corporation, said that, “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. This alliance underscores our unwavering commitment to our clients and stakeholders.”
This partnership signifies a new era of cross-border financial collaboration, enhancing both companies’ capacity to serve investors and contribute to the advancement of Saudi Arabia’s thriving financial markets under Vision 2030.
Mr. Mohammed Al Shammasi, CEO of Derayah, commented that “this collaboration with Al Ramz represents an important milestone for Derayah. We believe this partnership will be pivotal in enhancing our offerings and cementing our position in Saudi Arabia’s financial markets. It’s an exciting time for both of our institutions as we strive to deliver unprecedented levels of service to our clients. Together, we look forward to leveraging our combined strengths and expertise to shape the future of market making and liquidity provision.”