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Mubasher shares success stories, ambitions at ArabNet Riyadh

Mubasher shares success stories, ambitions at ArabNet Riyadh
Khalid Al Ballaa, Senior Director and Board Member of Mubasher during ArabNet Riyadh 2019

Riyadh – Mubasher: ArabNet Riyadh 2019 hosted Khalid Al Ballaa, senior director and board member of Mubasher Financial Services Group, to discuss the company’s success stories, ambitions and the challenges it has faced since the late 1990s.

The company started with a website, in partnership with Banque Misr, as a subscriptions-based business, then at the turn of the century, the company developed a new investment plan and moved to Saudi Arabia, where it started a fruitful cooperation with the Saudi Stock Exchange (Tadawul), Al Ballaa said.

Al Ballaa then explained how the company benefited in the early 2000s from the growth of stock trading, from a couple of thousand transactions a day in the Saudi bourse to around 20,000, then to millions of transactions every day, referring to the recent initial public offering (IPO) of Saudi Aramco as an evidence of the Saudi market growth.

Mubasher then moved to various operations, including trading systems, financial brokerage and providing insightful information to investors, creating solid trust with its clients over more than 16 years of professional services, the board member added.

When asked about the main challenges Mubasher faces, Al Ballaa mentioned that the company faced technical obstacles in Saudi Arabia at first, before learning from platforms in Dubai. One year later, Mubasher itself became the largest trading platform in Dubai.

As for the major developments and digital transformation under the umbrella of the Saudi Vision 2030, supported by Saudi Crown Prince Mohamed bin Salman, Al Ballaa said that Mubasher has been well placed for many years to play a vital role in the automation and digitization of trade across the Kingdom, cooperating with around 95% of companies in Saudi Arabia.

Regarding the company’s ambitions for the next five years, the board member indicated that market requirements are constantly changing, which is driving financial brokerage companies to have the flexibility and resilience to adapt to the ever-changing environment.

Mubasher aims to establish its place among the top technology and financial brokerage groups globally, seeking more partnerships and better cooperation with high-level financial entities around the world, such as MasterCard and others, noting that such partnerships are built on mutual trust and understanding and a shared look towards the future.