Integrated system underway to help institutional investors in decision-making: Wamid CEO

Yazeed Al-Domaiji, CEO of Wamid

Wamid, which is owned by the Saudi Tadawul Group, is working on harnessing modern technologies to boost investor experience by providing accurate data and analytical tools that help in making more efficient investment decisions, said CEO Yazeed Al-Domaiji, in an interview with Argaam.

He added that artificial intelligence has become an indispensable tool in supporting innovation and developing the market.

Speaking on the sidelines of the Financial Markets Forum in Hong Kong, Al-Domaiji said that Wamid is about to launch a new analytical product in collaboration with BMLL, which targets providing both local and international investors with advanced analytics based on deep data. He also announced a partnership with EMC Newswire to provide a new channel for publishing financial news to and from the Saudi market.

Wamid is working on an integrated system that offers institutional investors what they need to make decisions, which includes a shared data center, data provisioning, and both analytics and news products, according to the CEO.

He indicated that the Saudi Exchange has seen significant development in recent years, with foreign investments exceeding SAR 400 billion and institutional trading now constituting around 65% of total trading activity, a large portion of which involves high-frequency trading backed by the infrastructure that Wamid provides.

Al-Domaiji also pointed out that Wamid is focusing on enabling innovation in the financial market by developing technical infrastructure and offering advanced data solutions.

“Among the company’s major projects currently is the shared data center, which is a fourth-category facility that hosts most local and international financial firms, including high-frequency trading (HFT) firms,” said the top executive.

Furthermore, Wamid is working on developing digital services for general assemblies to facilitate communication between investors and listed companies. It is also entering into strategic partnerships with companies like Deloitte and Google to roll out an integrated data marketplace that covers all components of the Saudi financial market, such as Tadawul, Edaa and Muqassa, Al-Domaiji added.