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Saudi Economic Growth Driven by Reforms


Saudi Arabia : 24 May 2011

Both the stock market and economy of Saudi Arabia will continue their climb due to major reforms put through by the government, according to the head of a leading investment advisory company.

Financial Transaction House’s (or FTH’s) president Faisal Alsayrafi discussed an agreement his firm made with GGI, leading consultants in accounting, audit and law.

The mood of investors is currently uncertain, although once conditions clear up the market will move upwards. Saudi Arabia has very strong fundamentals.

Alsayrafi noted that the Kingdom’s economic position is stable and will continue to improve thanks to government reforms currently being adopted. He added that Saudi has not been affected by the turmoil seen across the region.

The FTH president stated that the spending recently decreed by King Abdullah, the Custodian of the Two Holy Mosques, has resulted in more impetus in the Kingdom’s economy.

He applauded the job creation efforts put forth by the government.

He noted that the recent Saudi minimum wage hike that sees nationals making SR 3,000 would result in more Saudi citizens entering the labour market.

Alsayrafi said that the agreement between FTH and GGI is beneficial to his firm.

He noted that companies need to have high levels of customer service and quality standards in order to gain acceptance from GGI, a firm rated within the top 10 around the world. GGI accepts new members only after they have been selected and run through a rigorous admittance process.

The president of FTH stated that his firm delivers high quality services to Saudi clients and those in the region. He added that this new agreement would promote FTH’s activities even further.

FTH is currently licensed through the Ministry of Commerce and Industry, providing financial advice to businesses outside of the securities industry. The firm has been successfully closing deals with major businesses over the last 17 years using the most current corporate financing techniques.

Alsayrafi stated that this deal with GGI falls within the structure of other strategic alliances being made in financial markets worldwide. It is also the ideal mixture of investment opportunities and transactions.

GGI can be found in over 80 nations and has over 460 specialized and independent companies as members.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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