Saudi International Petrochemical Co (Sipchem) and Saudi-based Argaam Investment Co (Argaam) and recently signed a memorandum of understanding (MoU) to enhance investor relations (IR) role and practices in the local equity market, the two companies said in a joint statement.
Other initiatives are likely to be launched under the MoU to set up an integrated knowledge centre for all participants, along with free intensive programmes – including workshops, awareness programmes and virtual knowledge-sharing communities for employees in Saudi-listed firms.
The preliminary deal signals and Sipchem’s and Argaam’s commitment to achieving the Saudi Vision 2030, which aims to diversify economic resources, open the market to foreign investors and enhance best IR practices in line with Saudi Arabia’s upgrade to emerging markets (EM) status.
Abdullah Al Hariri, Sipchem’s general manager of corporate communications and affairs, commented on the deal: “The agreement comes in line with the leading role of the Capital Market Authority and Tadawul to enhance investor relations in the Saudi equity markets.”
It also comes as part of the company’s responsibilities for the investment community. The agreement focuses on enhancing the best investor relations practices. Through its IR strategies, Sipchem aims to raise awareness of IR across the kingdom and ensure efficient communication with all stakeholders and the investment community.
Rasheed Bin Owain, Argaam’s chief executive, expressed delight at the new agreement, lauding Argaam’s role in providing participants with all financial data and market analyses not only in Saudi Arabia, but also in other neighbouring GCC capital markets. The deal allows to share experience between both firms, which in turn helps strengthen investor relations role in the market.
Meanwhile, Tariq Al Asiri, A board member at Argaam Investment and general manager of Argaam Business Info, said: “Since its launch in 2007, Argaam’s featured content has focused on raising awareness among investors. Its case studies, featured articles, and analytical tools give a unique insight into various investments in the capital market.”
Not only is Argaam a unique financial news portal in the business and investment community in Saudi Arabia, but also in the GCC region.