Riyadh – Mubasher: Saudi closed joint stock firm Riyad Capital entered into an agreement with BNP Paribas Securities Services to provide global custody, as well as fund and consolidated data management services across Saudi Arabia.

The two entities will roll out a joint servicing model, which is the first of its kind in the Kingdom and the region and was being developed over the last two years, according to a press release.

Asset owners and asset managers in Saudi Arabia will benefit from this solution for both local and international assets, both traditional and alternatives through a single platform.

CEO of Riyad Capital, Sabty Sulaiman Al Sabty, said: “The solution we have developed with BNP Paribas Securities Services will truly cultivate and amplify the role of securities services in the financial markets in the Kingdom.”

Vice Chairman International at BNP Paribas Securities, Charles Cock, noted: “This will further strengthen our offering in the region where we have been servicing clients for many years, and also will truly position Riyad Capital as the local champion in securities services in the Kingdom.”

Riyad Capital engages in all lines of capital market activities such as dealing, managing, arranging, advisory, and custody. Meanwhile, BNP Paribas Securities is a global custodian with $12 trillion in assets under custody.