03 Dec 2007
Naeem Holding Selects Thomson Financial PORTIA For Middle East Operations
1st Consolidated Multi-Country Thomson PORTIA Installation Across Middle East
& North Africa
London
Thomson Financial, an operating unit of The Thomson Corporation (NYSE: TOC,
TSX: TOC) and leading provider of information and technology solutions to
the worldwide financial community, today announced that Naeem Holding, one
of the fastest growing investment banks in the Middle East, has signed an
undertaking to implement Thomson PORTIA, the leading investment accounting
system, across three countries in the Middle East & North Africa (MENA)
region.
Under the terms of the agreement, Naeem Holding will deploy the newly
released version Thomson PORTIA (Version 9.0) in all its current locations
in the Middle East which includes Dubai, Egypt and Saudi Arabia. The deal
represents the first multi-country implementation for Thomson PORTIA in the
MENA region.
Following a comprehensive system selection process, Naeem Holding selected
Thomson PORTIA as a single platform to support the different regulatory
requirements across the Middle East. Flexible integration to third party
systems was also a key requirement along with the ability to report in
English and Arabic to meet the demands of both clients and local regulators
in the Middle East.
Bassam Ganadiely, Chief Operating Officer, Naeem Saudi Arabia commented:
“Thomson PORTIA is widely recognized as the leading portfolio accounting
solution and our experienced team has successfully worked with previous
versions. The deployment of Thomson PORTIA 9.0 across our entire Middle
Eastern operation provides a scalable solution that improves efficiency and
so enables us to meet our ambitious growth objective. Importantly, it
offers flexibility to handle the full range of Islamic products and will
enable us to provide a better service to our clients, while ensuring
compliance with Shariah and other regulatory requirements across the Middle
East and North Africa.”
The addition of Naeem Holding continues Thomson Financial’s expansion in
the Middle East and follows the opening of the regional office in Dubai in
2006. Thomson Financial aims to be a leading supplier of information and
technology solutions in the region and has already seen the expansion of
the local office with a number of new clients and staff joining in recent
months.
Christy Bremner, Global Managing Director, Thomson PORTIA commented: “This
new, enhanced version of PORTIA expands our core capabilities and fits
perfectly with the growth strategy of Naeem Holding. It also represents
many years of continuous investment in PORTIA. We are excited to be working
with Naeem Holding on the first multi-country implementation of PORTIA in
the Middle East & North Africa and look forward to moving into
production.”
Thomson PORTIA revolutionizes how clients approach their day-to-day
operations by providing an open, flexible and high performing system that
is instrumental to ensuring an ideal workflow and streamlined operation.
Providing an enterprise-wide solution, Thomson PORTIA allows investment
managers, asset managers, hedge funds and insurance companies the powerful
tools they need to reliably manage daily transaction activity, seamlessly
integrate with other systems, settle trades with ease and generate a
wide-range of reports for clients, management and regulators. Thomson
PORTIA is the book of records and hub for all portfolio activity used by
300 firms in over 40 countries to manage more than 15 Trillion dollars
worth of assets. Thomson PORTIA is the investment professional’s go-to
choice to manage assets.
About Thomson Financial
Thomson Financial, with 2006 revenues of US$2 billion, is a provider of
information and technology solutions to the worldwide financial community.
Through the widest range of products and services in the industry, Thomson
Financial helps clients in more than 70 countries make better decisions, be
more productive and achieve superior results. Thomson Financial is part of
The Thomson Corporation (www.thomson.com), a global leader in providing
essential electronic workflow solutions to business and professional
customers. With operational headquarters in Stamford, Conn., Thomson
provides value-added information, software tools and applications to
professionals in the fields of law, tax, accounting, financial services,
scientific research and healthcare. The Corporation’s common shares are
listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX:
TOC).
About Naeem Holding
NAEEM Holding is an Egyptian free–zone company and one of the
fastest growing investment banks in the (MENA) region. With the vision to
become the premier financial service provider for the next millennium of
Arab investment, NAEEM Holding offers brokerage, portfolio and fund
management, private equity, and corporate finance operations from its core
offices in the Kingdom of Saudi Arabia (KSA), Egypt, and the United Arab
Emirates (UAE).As of June 2006, NAEEM had close to US$ 2.0 billion in
assets under management over its various owned subsidiaries out of which a
US$ 1.0 billion is in private equity assets. NAEEM Holding manages US$ 1.5
billion in Saudi Arabia under NAEEM KSA (“NAEEM”).
Media Contacts
Alex Brog
Director, Public Relations, Europe
Thomson Reuters
Tel: +44 020 7324 6986
Fax: +44 020 7566 1971
Email
Janice Addams
Senior Manager, Public Relations
Thomson Reuters
Tel: +1 646 223 6940
Email