FINANCIAL NEWS

Saudi economy to grow on major reforms

23 May 2011

(MENAFN) Saudi Financial Transaction House’s (FTH) president, Faisal Alsayrafi, said that as a result of major reforms adopted by the government that led to the establishment of strong basics, the country’s economy and stock market would keep their growing energy, reported Arab News.

Alsayrafi added that the spending package that was announced by King Abdullah drove the country’s economy forward, adding that the package along with government efforts to increase investment and services in the Kingdom would help creating many job opportunities for Saudis. Moreover, the government recently increased minimum wage for Saudis to USD800 and this move would help attract more citizens into the job market.

On the other hand, Alsayrafi said that FTH signed a membership agreement with Geneva Group International (GGI), where companies should provide excellent client services and meet high quality standards to be accepted by the group, which was rated among the top 10 institutions worldwide and employs a rigorous method, when selecting and hiring new members.

It is worth noting that FTH, which was licensed by the Ministry of Commerce and Industry to give financial advisory services to non-securities business, has succeeded in closing deals for major clients during the past seventeen years through the use of the latest corporate finance techniques.

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