Riyadh – Mubasher: Saudi Tadawul Group Holding Company inked a memorandum of understanding (MoU) with the Shanghai Stock Exchange to strengthen development and cooperation between the two exchanges.
Under the deal, the two exchanges will explore opportunities in cross-listing, fintech, environmental, social, and corporate governance (ESG), data exchange, and research.
The partnership will also facilitate knowledge sharing in listing family businesses and small and midsize enterprises (SMEs), dual listings of exchange-traded funds (ETFs), and investor relations (IR) initiatives. This is in addition to developing the infrastructure of both capital markets, according to a press release.
The agreement aligns with Saudi Tadawul Group's commitment to evolve and diversify the Saudi capital market, promoting it as the gateway to the MENA region for issuers and investors.
Khalid Al Hussan, CEO of Saudi Tadawul Group, said: “This is a testament to our shared commitment to promoting the development of capital markets, and we believe it will benefit issuers and investors in both countries."
Cai Jianchun, President of the Shanghai Stock Exchange, said: “We look forward to working closely with the Saudi Tadawul Group to advance ETF and other product cooperation and further strengthen the cooperation between China and the Saudi capital market.”
In the first half (H1) of 2023, the Tadawul-listed group generated SAR 196 million in net profit after Zakat and tax, an annual drop of 29.57% from SAR 278.30 million.
