Saudi market sees strong growth in brokerage, asset management: DirectFN CEO

Mehdi Miri, CEO of DirectFN

Saudi Arabia's brokerage and asset management sectors are experiencing robust growth, Mehdi Miri, CEO of DirectFN, told Argaam on the sidelines of the Capital Markets Forum.

Miri described the competition in these sectors as healthy, as it enhances service quality, drives companies to offer greater value to their clients, and improves market efficiency by fostering innovation and advancing financial and technological solutions.

He noted that 18 financial institutions in Saudi Arabia currently use DirectFN’s brokerage solutions, with a similar number utilizing its asset management services. He also expects new clients to join in the near future.

Miri emphasized that DirectFN is a Saudi company owned by Wamid, a subsidiary of Tadawul Group, with a primary focus on the Saudi market and the Gulf Cooperation Council (GCC) region. The firm also serves 13 international markets.

The company’s strategic vision, he explained, is centered on delivering value to clients and market participants in Saudi Arabia, the GCC, and emerging markets by investing in financial market infrastructure. This investment aims to drive innovation and ensure service stability for customers.

He added that this goal is being achieved by enhancing service quality and strengthening client partnerships, particularly following Wamid’s full acquisition of DirectFN.

Miri highlighted the company’s strategic focus on three key areas: brokerage solutions, asset management, and custody and clearing services. This involves developing platforms tailored to these functions, as well as providing financial content and data analytics powered by artificial intelligence.

Additionally, DirectFN is advancing technology solutions for markets and financial institutions through strategic partnerships with Gulf stock exchanges—such as the development of an investment funds distribution platform for Edaa, a subsidiary of Tadawul.

He affirmed that Saudi Arabia’s market has experienced remarkable growth in recent years, necessitating more advanced solutions and the adoption of global best practices at both local and regional levels.