RIYADH: SNB Capital and ADES Holding Co., with a $1.2 billion initial public offering, were among the top companies to shine at the Saudi Capital Market Awards. The Saudi investment banker earned four awards across various categories, while the Public Investment Fund-backed drilling company secured the IPO of the Year on the Main Market accolade. The award ceremony, concluding the two-day forum in Riyadh, recognized the standout companies of 2023 in diverse categories, including IPOs, asset management, and investor relations. SNB Capital claimed multiple accolades, including Clearing Member of the Year in the Direct category, Broker of the Year, Most Active Derivatives Broker of the Year, and Investment Bank of the Year. Additionally, its parent company Saudi National Bank secured the Investor Relations Program of the Year award. Armah Sports Co. secured IPO of the Year on the Nomu – Parallel Market, and Saudi Awwal Bank won Clearing Member of the Year in the General category. Northern Trust earned the title of Custodian of the Year. Notably, HSBC received accolades for both Equity Capital Markets House of the Year and Debt Capital Markets House of the Year, while EFG Hermes was recognized as the Research House of the Year. Expressing his sentiments Ahmed Shams, the managing director and head of research at EFG Hermes, told Arab News: “This prestigious award is a testament to all the hard work, dedication, and expertise of our team. As we celebrate this success, we remain focused on our goal of delivering new research insights and offering top-quality services for our clients, especially in the Saudi market where we have been established since 2007.” The company won the award for the second year in a row. He added: “This award serves as motivation for us to continue pushing the boundaries of research excellence and providing valuable insights to our clients. We are excited about the future and look forward to continuing to deliver unwavering quality research products to our clients.” J.P. Morgan clinched the Merger and Acquisition M&A of the Year award. ACWA Power’s ESG Relations Program of the Year win underscored its commitment to sustainability. SAB Invest, the investment arm of SAB, achieved a major milestone by being named Asset Manager of the Year for 2023. A spokesperson attributed the success to exceptional performance in flagship equity funds, delivering investment returns ranging from 44-51 percent in 2023, outperforming benchmarks and peers. “Our consistent performance has led us to rank first in five equity fund categories among all investment managers in Saudi Arabia for 1 year, 3 years, and 5 years return,” the spokesperson added. SAB has demonstrated rapid growth as an asset manager, experiencing a 73 percent increase in assets under management. The spokesperson highlighted SAB’s position as the fastest-growing asset manager among the top 10 in Saudi Arabia. The Saudi Capital Market Awards celebrate excellence and leadership among market participants, fostering the development and growth of Saudi Arabia’s capital market, according to its organizer. Aligned with the Financial Sector Development Program and Vision 2030, these awards, part of Tadawul Group’s commitment, encourage best practices and fair competition. In collaboration with partners, CFA Society Saudi Arabia and MEIRA, the company said the awards follow transparent criteria. Independent committees, comprised of industry professionals, evaluate eligible entrants to select winners for each category.