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CAPITAL MARKETS-
Capital market institutions can now open omnibus accounts to manage their clients’ investments under new regulations approved by the Capital Markets Authority (CMA), which comes as part of a broader push to ramp up investment and streamline trading procedures, the authority said in a statement. The amendments (pdf) to the capital market institutions regulations took effect Thursday.
ICYMI- The CMA had drafted the amendments earlier this year to scrap a requirement for an omnibus account to be filed under the relevant client’s name.
Uh, Enterprise, what are omnibus accounts? An omnibus account is a shared investment account that pools together the assets and trades of several customers, allowing the broker to execute and clear trades on behalf of its clients. Omnibus account transactions are executed in the broker’s name, which allows individual investors to maintain privacy.
ALSO- The CMA signed off on a series of amended rules, including updates to derivatives trading, membership rules, and securities clearing, Tadawul Group said in a separate statement. The revised framework aims to improve post-trade infrastructure and boost market efficiency.
HOSPITALITY-
PIF-owned Aseer Investment partnered with Rikaz to establish a holding company for developing tourism projects in the Aseer region, including hotels, resorts, and cultural centers, according to a statement on Aseer Investment’s website. The partnership targets to lure local and international investors to the region.
LOGISTICS-
Saudi Post and the Export Development Authority will provide logistical solutions to non-oil exporters, including air and land freight services under an MoU they signed, state news agency SPA reports. The two parties will organize workshops to inform exporters about the services they will offer.
BUSINESS-
The General Authority for Small and Medium Enterprises (Monsha’at) launched the Fikra platform to allow commercial innovators to connect with national experts to receive guidance on how to turn their ideas into commercially viable and investment-ready projects, according to a statement from the authority.
