Allow me with a great pleasure to express my sincere thanks and appreciation to our esteemed clients, shareholders, and company staff who have positively contributed to the dynamic growth and development of Al Mashriq Capital as it faces new challenges in the future.
Over the past years, the mission of Al Mashriq Capital was and will always be to serve the needs of our clients by providing products and services of the highest standard. We aim to maintain steady growth and achieve a competitive position while implementing the best technological applications. We also seek to successfully execute strategic and innovative initiatives. Over the last few months, the industry has witnessed a beating as the global financial crisis negatively affected the worthiness of investment products. In turn, this has led to a downturn of investment activity. Some of the most reputable and established firms in the banking and investment industry also have either merged or went out of business. However, Al Mashriq Capital, with its dynamic team of quality individuals, will carry forward and tap into the collective strength of our team. We will adapt accordingly to new realities in the market and economic climate. Yet, our ambition is as passionate as ever and we will continue to move ahead.
Our first task is to lay the groundwork to build up our company with strong and capable individuals supported by state of the art technology. The results of this effort led us to winning approval from the Capital Market Authority in August 18, 2008 to begin operations. Thereafter, we continued with momentum and received commencement approval from Tadawul to operate our brokerage business as well as the green light from the CMA to function as an agent.
The second step for us is to focus on our local market and analyze it through the context of worldwide market and economic volatility. We thank God for having a competent team in Al Mashriq Capital that is full of wisdom, intellect, and dedicated to see us through the current situation. With the support of our Capital Committee, we are absolutely committed to deliver the best investment solutions fulfilled by individuals and institutions with a history of strong performance team with successful track records.
In every aspect, the foundation of Al Mashriq Capital is based on the principles of excellence and integrity. Our reputation will grow so that it reflects our utmost performance and commitment to clients. Al Mashriq Capital remains unyielding to actively contribute to the economic growth and advancement of the Kingdom by providing world-class investments, industry best practices, and the soundest services and management performance.
Finally, I want to take the opportunity to pledge that we will maintain and constantly improve our standard of excellence. Together, we will make Al Mashriq Capital the pride of all of us.
Saad Al Hassan
Chief Executive Officer