Source: Thomson Financial
Thomson Financial, an operating unit of The Thomson Corporation (NYSE: TOC, TSX: TOC) and leading provider of information and technology solutions to the worldwide financial community, today announced that Jadwa Investments and AlTawfeek Financial Group have both signed undertakings to implement Thomson PORTIA, the leading portfolio management system, in Saudi Arabia.
The move follows Thomson Financial's decision to strengthen its commitment to the Middle East with the opening of its Dubai office in August 2006 and adds to the existing client base in the region.
Jadwa Investments and AlTawfeek have both been granted licenses by the CMA (Capital Markets Authority) enabling them to provide investment services to clients in Saudi Arabia. Following a comprehensive system selection process, Thomson PORTIA was chosen to support their accounting and transaction processing requirements, along with Saudi Arabia's CMA compliance, performance measurement, attribution and client reporting.
Ahmed AlKhateeb, Managing Director, Jadwa Investments said "We were looking for a flexible solution with strong real-time analysis, client reporting capabilities and the ability to handle our full range of products. Another crucial factor in the decision was the ability to meet our compliance requirements, in respect to both the CMA and our Shariah Board. We also wanted to ensure the solution we selected was sufficiently scalable to meet our ambitious growth targets. We are confident that Thomson PORTIA is the right solution - both now and in the future."
Dr Ali Albaity, General Manager, Corporate Finance, AlTawfeek Financial Group said: "We looked at a number of solutions during our search and the ability of Thomson PORTIA to handle our CMA compliance requirements and to integrate in our current environment were key deciding factors, together with Thomson's strong presence in the region and efficient after sales support".
The addition of both clients continues Thomson Financial's expansion in the Middle East and follows the opening of the new regional office in Dubai. Thomson Financial aims to be the leading supplier of information and technology solutions in the region and has already seen the expansion of the local office with a number of new clients and staff joining in recent months.
Bill Haney, Commercial Director, Thomson Financiaial commented: "We are pleased to be working with Jadwa Investments and AlTawfeek and look forward to helping them go live with Thomson PORTIA to meet the needs of their expanding client base, whilst ensuring CMA and Shariah compliance. The Middle East represents an exciting growth opportunity and we are keen to continue our investment and focus in the region."