Press Release Detail

Riyadh, 5, May 2024

Riyadh, 5, May 2024 – In a significant move to bolster economic ties and enhance financial market collaboration, Leila Fourie, Group CEO of the Johannesburg Stock Exchange (JSE), has signed an MoU with the Saudi Tadawul Group.

The agreement is designed to serve as a catalyst for growth, innovation, and technological advancement in both markets, supported by a shared vision for future prosperity.

Khalid Alhussan, CEO of the Saudi Tadawul Group said: “Our MoU with the Johannesburg Stock Exchange will unlock opportunities across listings, fintech, sustainability and more. We are committed to connecting with global capital markets, in line with our goal to advance the Saudi capital market and Vision 2030’s Financial Sector Development Program. We look forward to creating solutions that will benefit both the Saudi and African markets.”

Leila Fourie, CEO of the JSE Group said: “The MoU with Saudi Tadawul Group will enable targeted client cross-selling engagements to foster secondary market trade activities and support new issuances, broadening the trading universe for investors and issuers alike. Building on the success of Africa’s first Shari’ah-compliant sustainability-linked Sukuk and the issuance of Rand-denominated Al-Ijarah Sukuk certificates by the South African government, the MoU also seeks to facilitate the development of new financial products and expedited listing processes that cater to the unique needs of both markets.”

“The MoU also brings to light shared interests in infrastructure investments, particularly in renewable energy projects, and the potential for leveraging Saudi expertise in sectors like health insurance and medicine to deepen economic ties,” concludes Fourie.

With the signing of this agreement, the JSE reaffirms its position as the leading stock exchange in Africa. This collaboration opens up new opportunities for both exchanges and their clients by enhancing access to diversified markets and broader investment opportunities.

The MoU will explore the feasibility of dual-listing stocks, enhancing the liquidity and access to capital markets in both South Africa and the Kingdom of Saudi Arabia. This initiative aligns with the JSE's strategic goal to diversify and deepen its investor base.