The Saudi stock exchange (Tadawul) and Bursa Malaysia have entered into a memorandum of understanding (MoU), which will serve to deepen and formalize the existing cooperation between the two exchanges.

The MoU, signed recently by Adel Saleh Al-Ghamdi, CEO of Tadawul, and Tajuddin Atan, CEO of Bursa Malaysia, enables the two parties to share knowledge and expertise, opens the door for people development, and allows both parties to explore future opportunities in matters related to capital market development, particularly in the area of Islamic finance.

The signing of the MoU follows similar agreements recently inked by Tadawul with both the Abu Dhabi Securities Exchange and Bahrain Bourse. The agreement further resonates the serious efforts of Tadawul to galvanize its ties and business relationships with its regional and international peers.

The MoU covers a range of commercial and non-commercial aspirations that will not only benefit the respective exchanges, but will potentially lead to benefits to market stakeholders on both platforms.