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The agreement is part of a series of meetings led by the Saudi Ministry of Finance to facilitate Saudi-Swiss financial dialogue
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The deal is signed by the Saudi Ministry of Finance, the Saudi Tadawul Group, and SIX
Saudi bourse Tadawul has reached an agreement with Switzerland-headquartered SIX Group to explore collaborative opportunities for Exchange products, said local reports on Tuesday, July 13.
The SIX Group operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, and owns the Swiss one.
The local reports said the agreement is part of a series of meetings led by the Saudi Ministry of Finance to facilitate Saudi-Swiss financial dialogue. It was signed by the Saudi Ministry of Finance, the Saudi Tadawul Group, and SIX.
As part of the deal, the two sides will look into exchange products like 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, said the reports.
Other joint efforts will reportedly be in the areas of FinTech development, as well as training and post-trade services, besides innovation and digitalization.
Tadawul CEO Khalid Al Hussan was quoted by the local reports as saying: “This MoU with Six aligns with our efforts to create a technologically advanced, diverse, and integrated capital market.”
He added that this was expected to provide “yet another pathway for international investors” to access the Saudi capital market.
SIX Global Markets head Thomas Zeeb, who is also a member of its executive board, was quoted by the local reports as saying: “This MoU aims at exploring future opportunities 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.”