RIYADH: Geidea, the largest financial technology (fintech) company in Saudi Arabia by market share, said that industry heavyweight Nick Ogden had joined its board of directors.
“We are proud to have the global financial sector expert Nick Ogden join our board of directors,” Geidea tweeted. “He is the founder @Worldpay_Global and @clear‐bank and other international financial companies, who will be a great addition to our team.”
Ogden has founded several major names within the financial services sector, including Europe’s largest global payment processing company Worldpay and ClearBank, the UK’s first clearing bank to launch in more than 250 years.
Commenting on his appointment, Ogden said: “I am delighted to be joining Geidea at such a pivotal stage in its growth and expansion. Geidea is a dynamic organization that has already made a significant mark on the fintech landscape.”
Abdullah Al-Othman, founder and chairman of Geidea, said: “We are excited to bring Ogden on board to the Geidea family. With his wealth of expertise and knowledge in the payments, e-commerce and rapidly evolving regulatory space, he will be an invaluable addition to the company as we continue to expand across the region and broaden Geidea’s payment solutions.”
Founded in 2008 in Riyadh, Geidea has around 500 employees. It services over 60,000 merchants and 200,000 payment terminals in the Kingdom.
Saudi largest fintech firm appoints Nick Ogden to its board
https://arab.news/cj9kb
Saudi largest fintech firm appoints Nick Ogden to its board
- Founded in 2008 in Riyadh, Geidea has around 500 employees
Closing Bell: Saudi equities continue 4-day upward trend
RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15.
Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion.
The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.
The main market saw 90 gainers against 171 decliners, indicating selective buying.
On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.
SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45.
Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44.
On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.
The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.
The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move.
Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.
The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.
Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.
