The Saudi Tadawul Group, signed a memorandum of understanding (MoU) with SIX, in an effort to explore opportunities for collaboration. The MoU was signed as part of a series of meetings, led by the Saudi Ministry of Finance to facilitate Saudi-Swiss financial dialogue.
The agreement entails exploring collaborative opportunities for Exchange products such as cross listing, cooperating on environmental, social, and governance (ESG), facilitating investor access to Saudi Arabia’s capital market, and enabling effective data sharing and research. Other joint efforts will be pursued in the areas of FinTech development and training, post-trade services, and innovation and digitalization.
Eng. Khalid Al Hussan, CEO of the Saudi Tadawul Group said: "This MoU with SIX aligns with our efforts to create a technologically advanced, diverse, and integrated capital market. As one of the largest and most liquid markets in the world we act as a gateway to the MENA region for investors from all over the globe."
"Today’s MoU signing provides yet another pathway for international investors to access the dynamic Saudi capital market. We look forward to using this partnership to further develop our offering, for the benefit of all market participants, and are excited to amplify our efforts in market enhancements." Eng. Al Hussan continued.
Thomas Zeeb, Global Head Markets and member of the executive board of SIX, commented: "We are pleased to announce signing the MoU with the Saudi Tadawul Group and look forward to working closely together. This MoU aims at exploring future opportunities to to facilitate access to the emerging capital market of Saudi Arabia and further expand the investment opportunities we are able to offer to our clients".
The memorandum of understanding was signed in a meeting between the Saudi Ministry of Finance, Saudi Tadawul Group and SIX It forms part of a series of meetings held by the Saudi delegation with its Swiss counterparts and contributes to the FSDP’s efforts to further diversify and enhance the Saudi financial sector to support the development of the national economy.