RIYADH: Tadawul has approved Morgan Stanley Saudi Arabia to serve as a market maker for eight securities on the main trading platform and the parallel index, Nomu.

The decision allows the financial services company to enhance market liquidity and improve price efficiency in accordance with regulations and procedures.

Among the securities listed on the main index, the firm will act as a market maker for Arabian Internet and Communications Services Co., where it will ensure a minimum presence of orders at 80 percent, maintain a size of SR150,000 ($39,982), and adhere to a maximum spread of 0.65 percent, with the lowest value traded of 5 percent.

Similarly, it will provide services for Electrical Industries Co., ensuring an 80 percent minimum presence of orders, a minimum size of SR75,000, a maximum spread of 0.65 percent, and a value traded of 5 percent.

Elm Co. is also among the approved securities, with Morgan Stanley Saudi Arabia committing to the same trading obligations as Electrical Industries Co.

Meanwhile, the Co. for Cooperative Insurance will have a minimum order presence of 80 percent, a minimum size of SR150,000, a maximum spread of 0.65 percent, and a value traded of 5 percent.

On Nomu, Morgan Stanley Saudi Arabia was approved as a market maker for National Environmental Recycling Co., International Human Resources Co., Almuneef Co. for Trade, Industry, Agriculture, and Contracting, as well as Aqaseem Factory for Chemicals and Plastics Co.

In each of these cases, it will ensure a minimum presence of orders at 50 percent, maintain a minimum size of SR50,000, and adhere to a maximum spread of five percent, with no minimum value traded requirement.

Morgan Stanley Saudi Arabia’s participation in market making is expected to contribute to greater liquidity and a more efficient trading environment, reinforcing the development of the country’s capital market.

In November, the investment bank was granted approval to establish its regional headquarters in the Kingdom, as the nation continues to attract international investment.

This move aligns with Saudi Arabia’s regional headquarters program, which offers businesses various incentives, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities, as well as access to discounts and support services.

Morgan Stanley first entered the Saudi market in 2007, launching an equity trading business in Riyadh, followed by the establishment of an equity fund in 2009.

RIYADH: Saudi Arabia’s Public Investment Fund has launched Al Waha Duty Free Operating Co. as part of its strategy to capture a larger share of the Kingdom’s travel retail market, contributing to the nation’s economic growth.

In a press statement, it was announced that Al Waha is the first Saudi-owned duty-free operator. The company plans to develop luxury retail outlets in select locations across the country, offering a range of products, including unique items from Saudi Arabia.

With assets under management totaling $925 billion, PIF is one of the world’s most influential sovereign wealth funds. It is also leading Saudi Arabia’s efforts to diversify its economy and reduce its reliance on oil revenues.

“By establishing Al Waha as a national travel retail champion, PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia,” said Majed Al-Assaf, head of Consumer Goods and Retail in Middle East and North Africa Investments at PIF. 

He added: “Al Waha will offer a distinctive traveler experience across Saudi travel retail touch points through diverse product offerings, a duty free operation and a superior digital customer journey.”

The company will also operate its airport outlets on a duty-free basis and explore additional travel retail opportunities at land border crossings and seaports, as well as through channels like inflight shopping.

The launch of Al Waha aligns with Saudi Arabia’s broader ambition to become a leading global tourism destination by the end of this decade. The Kingdom is aiming to attract 150 million visitors by 2030.

Al-Assaf emphasized that Saudi Arabia has a significant opportunity to capture a larger share of travel retail spending in the future, as the Kingdom continues to establish itself on the global tourism map and prepares to host several major international events in the years ahead.

“There is considerable potential for Saudi Arabia to gain a larger share of travel retail spending in the future, and the continued increase in visitors coming to the Kingdom — as well as global events being hosted locally — offer new opportunities to generate sustainable travel retail revenues,” he added. 

Some of the major global events that Saudi Arabia will host in the coming years include the 2027 Asia Cup, the 2029 Asian Winter Games, Expo 2030, and the 2034 FIFA World Cup.

To further accelerate the Kingdom’s tourism sector, the PIF has launched several key initiatives, including Riyadh Air, the new national carrier aimed at transforming Riyadh into a major international air travel hub, and Cruise Saudi, based in Jeddah, which seeks to position Saudi Arabia’s coastline as a top global destination.

PIF’s retail investments also include Saudi Coffee Co., Al Madinah Heritage Co. (focused on high-quality date production), and Sawani, a producer of camel milk products.