RIYADH: The operator of the Saudi stock exchange, Saudi Tadawul Group, has strengthened its links with several foreign exchanges and signed agreements with Saudi partners to advance environment, social and governance principles.
The opening day of the Saudi Capital Market Forum in Riyadh on Sunday saw a trilateral memorandum of understanding signed between the Saudi exchange, the Ministry of Economy and Planning, and the Capital Market Authority which will advance environmental, social and governance practices and the Kingdom’s commitment to sustainability.
It was signed between Saudi Minister of Economy and Planning Faisal Al-Ibrahim, Mohammed El-Kuwaiz, chairman of the Saudi Capital Market Authority, and Khalid Alhussan, chairman and CEO of the Saudi Tadawul Group.
The group also signed an MoU with the Egyptian stock exchange to foster the exchange of information and development of both capital markets.
Another MoU was signed with the Qatar stock market to help both exchanges develop in the fields of fintech, exchange data and research.
A memorandum was signed between the Tadawul Group and the Singapore exchange to “further enhance the collaboration between two dynamic capital markets in the Middle East and the Far East.”
The opening day of the conference also saw the Saudi Tadawul Group signing an MoU with The Financial Academy to develop local talent and equip them with skills, knowledge and expertise in the financial sector.
“Our aim is to collaborate with regional and international exchanges on areas ranging from dual listing, ESG, fintech, diversity and inclusion to achieve our goal of becoming an investment destination linking East and West,” said Alhussan.
He added: “These agreements will also further our efforts to deliver an advanced, diverse, and integrated capital market for regional and international investors, in line with the Financial Sector Development Program under Vision 2030.”
During the conference, SNB Capital, Al Rajhi Capital, and Riyad Capital joined Saudi Exchange’s Market Making Framework, an initiative that was launched in December 2022 to help ensure liquidity and raise price-determination efficiency.
“In December 2022, we introduced the Market Making Framework. And today we are happy to announce that four of our big members, SNB Capital, Al Rajhi Capital, and Riyad Capital are intending to provide market-making to the equity market,” said Mohammed Al-Rumaih, CEO of Saudi Exchange.