Al Tuwaijri named board chairman of MEFIC Capital
June 7, 2015
RIYADH — Middle East Financial Investment Company (MEFIC Capital) has appointed Dr. Abdulrahman Al Tuwaijri as its Chairman after being elected by the Board of Directors. This was announced by the Board of Directors which held its first meeting at the company's headquarters in Riyadh yesterday (Sunday).
Ibrahim Al Hedaithy, Managing Director, MEFIC, said "the Board has set a strategic goal which focuses on presenting new developed investment services and financial products to maintain our existing clients and attract potential clients by presenting tailored services that meet their investment requirements.”
He added "Dr. Abdulrahman Bin Abdulaziz Al Tuwaijri, as a Chairman of (MEFIC Capital), is an added value to company with his broad experience in the financial field. He will have a considerable impact on the company’s performance and will enhance the investor's confidence.”
Dr. Abdulrahman Al Tuwaijri has served as Chairman of the Board for the Capital Market Authority for a period of 7 years and prior as the Secretary General of the Supreme Economic Council as well as Executive Director and representative of the Kingdom in the International Monetary Fund.
During the meeting, the Board of Directors formed the emanating committees and named its members. The committees formed are the Nomination and Rewards Committee, the Audit Committee and the Investment Committee. The Board also approved its governance list and organizational regulations.
The Board expressed gratitude to the previous Chairman and members for the important role they played and the efforts that contributed in leading the company at a critical stage.
MEFIC Capital is a holistic financial services company, with a paid capital of SR400 million. In 2007, the Capital Market Authority of Saudi Arabia granted MEFIC to operate as a full service investment bank in the Kingdom with licenses on Dealing, Custody, Managing, Arranging, and Advising.
MEFIC's shareholders consist of prominent regional institutions as well as a number astute and influential business individual, supported by an experienced and a cohesive team of professionals that are working with dedication to achieve the client’s, shareholders and business objectives.
MEFIC products and services cater to individuals and corporates to achieve their financial objectives by focusing on risk management and commitment to achieve good returns. This is achieved by giving investors the best opportunities in the investment funds such as the initial IPO fund which provided its investors a return of more than 43% since its launch in mid 2014, or through income generating real estate funds that target properties yielding a yearly return of no less than 8%. The Riyal trade fund achieved as well first place for two consecutive years compared to the similar funds in banks and financial companies, in addition to a sophisticated system for trading and brokerage.