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Saud Al-Tassan has been appointed CEO of EFG Hermes, Saudi Arabia.



Saud Al-Tassan has been appointed CEO of EFG Hermes, Saudi Arabia.

EFG Hermes Holding, its investment bank, today announced the appointment of Saud Al-Tassan as CEO of EFG Hermes Saudi Arabia, a pioneer in emerging and border markets. America Merrill Lynch in Saudi Arabia.

Al-Dasan has more than 15 years of experience, where he has been successful in leading international and local teams in both securities brokerage, sales-side promotion and asset management and purchasing.

Prior to serving at Bank of America, Al-Dasan was CEO of the Swicorp Financial Services Group, which specializes in financial consulting, asset management and direct investment in the Middle East and North Africa region. Al-Dasan worked in a partnership between NCB Capital and Goldman Sachs, where his work focused on mergers and acquisitions, and he also worked on project financing and syndicate loans at Bank Saudi Franchise.

In this context, Kareem Awad, CEO of EFG Hermes Holdings, welcomed South Al-Dasan to the company due to his vast experience in the promotion and writing services sector, and the company has such capabilities so that the team can capture the growing growth opportunities in the sector.

He added that al-Dasan would implement the group’s strategy to expand into the active Saudi market, which is experiencing rapid growth. Middle East and Africa make him the best choice to join the EFG Hermes team. Awad expressed his desire for the group to achieve further success in the Saudi market under his leadership.

For his part, Mohamed Obaid, co-CEO of EFG Hermes Holding’s Investment Bank, said the Saudi market is currently the largest and fastest growing market in the region, with the total market capitalization of the Saudi stock market being “Tadaul”. It is about $ 3.27 trillion, which represents about 215 shares listed on the market in the main index and 25 shares listed on the market in the parallel index. In addition, Saudi Arabia-led GCC markets today account for 7.6% of the MSCI Emerging Markets Index (MSCI) and 1.6% five years ago, and Saudi Arabia alone represents 4.36% of the MSCI Emerging Markets Index (MSCI). On the other hand, the inclusion of the Kingdom in the Financial Times Index (FTSE) of government securities in emerging markets is approaching.
Obeid added that investors are currently focusing on promising growth opportunities in the region, with EFG Hermes pointing out that the time is right to write a new chapter in its growth process in the Saudi market.

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Saud Al-Tasan, CEO of EFG Hermes in Saudi Arabia, said he was proud and pleased to join one of the most reputed financial services companies in the region. He stressed that EFG has been following the growth of Hermes in Saudi Arabia over the past decade and has always been inspired by the depth of market coverage, consulting skills and clear customer commitment. EFG Hermes has established its brand position over the years, and with its track record of emerging and emerging markets (FEM), has become a select consultant for leading international, regional and local companies. Al-Dasan noted that with the growth and deeper growth of Saudi capital markets and the need for more skills in the capital markets, he is confident that no company is better than EFG Hermes in guiding the complex relationship between international capital and local entities. Opportunities.
Al-Dasan said he was pleased to have the opportunity to lead the group’s efforts in Saudi Arabia by working with some of the company’s most talented colleagues. Al-Dassan expressed his desire to join the leadership of EFG Hermes and build a solid foundation and potential for promising business at this exciting stage of the kingdom’s growth and development.

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Bitcoin is jumping around 10 percent on the week



Bitcoin is jumping around 10 percent on the week

Bitcoin rallied strongly this week as the world’s number one cryptocurrency hit its all-time high, with a recovery in financial assets benefiting from the dollar’s decline.

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The prospect of an end to the Federal Reserve’s continuing monetary tightening cycle for more than a year and a half has contributed to a recovery in all financial assets, including major indices in global stock markets. Gold hit an all-time high after breaking above $2,100 an ounce, while Bitcoin rose to its highest level in 2023. This year has been one of the windiest years for the cryptocurrency as it ranks ninth. The largest assets by market value rose 166 percent to reach $860 billion.

Other reports, expectations of an end to the monetary tightening cycle, and expectations of an earlier-than-expected shift in monetary policy contributed to bitcoin’s gains. The latest expectations indicate the possibility of a rate cut in the US after the end of the first quarter of 2024, compared to previous expectations, which indicates the possibility of a rate cut at the beginning of the third quarter of the year. The most important factors fueling Bitcoin’s rise are reports of the imminent approval of Bitcoin exchange-traded funds (ETFs) submitted to major investment firms and related US bodies.

On the other hand, this year has not been without negative news for cryptocurrencies, especially the sanctions faced by one of the world’s largest cryptocurrency exchanges, Finans, which admitted early last month that it had lied in some of the allegations against it. US and private authorities were fined approximately $4.3 billion for anti-money laundering crimes, while the exchange’s founder, Changpeng Zhao, pleaded guilty and announced his resignation as CEO. Financial transfer.

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Bitcoin rose 9.97% to register around $43,801 during this week’s trading. Meanwhile, Ethereum price rose 6.56% to reach $2,345.

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Digital advertising is still in a state of uncertainty



Digital advertising is still in a state of uncertainty

One of the golden rules in the business world is respect for the customer. This principle served Elon Musk when it came to Tesla and SpaceX. The message is if you want to drive or introduce an amazing car. Satellite to space, then Elon is what you are looking for. .

But the world’s richest man is testing the opposite side of the equation with his social media game, X, after several big companies, including Disney, Apple and IBM, have decided. Withdraw their ads from his platform. As a result of his endorsement of an anti-Semitic tweet, the world’s richest man delivered a clear message: “Go to hell.”

Advertisers seem to be taking Musk’s message seriously, and it would be easy to move to Google, TikTok or Facebook.

Platform X, formerly known as Twitter, represents a small slice of the vast digital advertising market. Media agency GroupM expects that digital advertising requires rare talent to turn a profit outside of the money fountain, but the success of “X” in this field is quite shocking.

GroupM expects the digital advertising market to grow 9.2% to $617 billion this year. The five largest global ad vendors, Google, Meta, and ByteDance, which operate TikTok, Alibaba, and Amazon, are expected to grow ad revenue by 25.4% on a combined annual basis between 2016 and 2022.

But some advertisers question how well other digital advertising platforms take care of their customers. A recent report by ad analytics service Adalytics found that ads for some major international brands and US and European government agencies continue to appear on pornographic sites and on companies in other banned countries.

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After analyzing 7.2 million websites on the Internet, Adaltics found numerous examples of ads for companies including Apple, BMW, Walmart and the US Treasury appearing on questionable sites without the advertisers’ knowledge. the way It allows third-party developers to embed search engines on their own sites, presumably through Google’s search partner network.

Showing ads this way not only puts advertisers’ reputations at risk, but also performs poorly, according to Analytics. Google announced investigations into Adalytics’ allegations, but found no evidence that ad revenue was shared with recognized companies.

However, the widespread adoption of machine learning systems is allowing marketers and digital advertising platforms to deliver and deliver more targeted and personalized ads than ever before.

“It allows us to send the right message to the right customer at the right time,” says Mark Reid, CEO of WPP advertising agency. So, for example, the agency used artificial intelligence and geolocation tools in 2021. 130,000 video ads for 2,000 local stores in India, all with Bollywood star Shah Rukh Khan’s “personal” endorsement.

Ads were viewed 4 million times on YouTube and Facebook, but Reid added that advertisers expect more transparency from digital platforms and third-party verification of where and when their ads are shown.

Reed said these platforms, which are interested in gaining market share, must encourage such transparency.

Some lawmakers are calling for tougher regulatory interventions to address the problem, and U.S. Senator Mark Warner called on the Federal Trade Commission and Justice Department to investigate “digital ad brokers operating in a concentrated, fraudulent ecosystem.”

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Arid Research senior analyst Richard Cramer says marketers have shown “sad negligence” by not paying enough attention while spending billions of dollars annually.

Kramer compared the digital advertising market to a vast, opaque stock market, where billions of trades are conducted daily and are subject to verification and settlement, while other trades often take place in “dark rooms.”

Kramer said Google may stop showing ads through its search and video partner networks, but the company wants to stay small, even if it’s better. He added: “None of these companies want transparency. “For big tech companies, transparency seems like a dirty word.” So, it’s time for advertisers to enforce such transparency, even if lawmakers don’t.

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Variation in weekly performance of Gulf shares… and Egyptian index rises 0.46%



Variation in weekly performance of Gulf shares… and Egyptian index rises 0.46%

Dubai: “The Gulf”

Performance of stocks in GCC countries varied during the week; Dubai Financial Market Index alone lost 0.91% to 3951.52 points and Abu Dhabi Market Index lost 1.45% to 9400.75 points in 4 sessions.

In Saudi Arabia, the main market index TASI increased the week’s trade by 0.43% to close at 11,225 points, compared to 11,177 points at the end of the previous week.

In Kuwait, the general market index rose 0.33% for the week to close at 6654.64 points, compared to 6632.47 points at the end of the previous week.

In Bahrain, the Bahrain General Index rose 0.13% on the week to close at 1942.35 points, compared to last week’s 1939.77 points.

In Qatar, the Qatar Stock Exchange Index fell 1.93% in 5 sessions to close at 9,848.15 points, compared to 10,062.64 points at the end of last week.

In the Sultanate of Oman, the Muscat Stock Exchange Index fell 1.37% during the 5-session session to close at 4594.41 points, compared to 4658.17 points at the end of the previous week.

Outside the Gulf region, the Egyptian stock market index “EGX 30” increased the week’s trade by 0.46% to end at 24,686.16 points, compared to last week’s close of 24,571.98 points.

Weekly performance:

Egypt +0.46%

Saudi Arabia +0.43%

Kuwait +0.33%

Bahrain +0.13%

Dubai 0.91% –

Oman 1.37% –

Abu Dhabi 1.45% –

Qatar 1.93% –

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