Riyadh, 27 July 2023: The Securities Depositary Center Company (Edaa) Welcomes Northern Trust Saudi Arabia as a Direct Custody Member. Northern Trust is a renowned global financial institution offering asset servicing, investment management, and wealth management services to institutions, high-net worth individuals, and families. The custody membership ceremony was attended by Mr. Raed Alhumaid, CEO of Edaa, and Ms. Kholoud Aldosari, Country Head, Northern Trust Saudi Arabia.

In 2019, Northern Trust's initial connection with Edaa was established through an account operator. Now, they have directly joined Edaa as a custody member, Northern Trust Saudi Arabia offers enhanced global connectivity, providing 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.

Speaking on the occasion, 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.”