Northern Trust Saudi Arabia has become a Direct Custody Member of the Securities Depositary Center Company (Edaa), marking a changte to its previously listed status as an Account Operator, started in 2019.
Edaa was establish in 2016. Its principal activity is to operate and maintain the depository, settlement, and to register the ownership of securities. Edaa also offers several additional services such as the management of issuers' General Meetings (GM) including remote voting services (E-Voting), reporting notifications, and maintenance of critical core data.
As a custody member, Northern Trust Saudi Arabia offers clients access to a diverse array of asset servicing, investment management, and wealth management services. Being part of Edaa's network positions Northern Trust to play a role in facilitating post-trade processes, ensuring the safekeeping and settlement of assets, and enabling seamless transferability of securities.
Raed Alhumaid, CEO of Edaa, said: "Today marks a significant milestone in Edaa's journey as we welcome Northern Trust Saudi Arabia, who has now joined us as a direct Custody Member. This strategic expansion of our network to include an international custodian represents a pivotal step forward. By adding Northern Trust, we reaffirm our dedication to fostering growth and development within the financial ecosystem. This partnership not only enhances our capabilities but also strengthens our commitment to providing exceptional service to our valued clients."
Kholoud Aldosari, country head, Northern Trust Saudi Arabia, said: "This collaboration presents an opportunity to contribute our extensive experience and specialized solutions towards the advancement of post-trade services. Through a close and collaborative relationship with Edaa, we aim to leverage our global reach and deliver exceptional custodial services, meeting the evolving needs of our clients in the region and beyond."
