• MoU includes exploring collaboration opportunities on cross listing, fintech, ESG, and more
• MoU intends to bolster the growth of capital markets in Saudi Arabia and China
Riyadh, 4 September 2023 – Today, Saudi Tadawul Group announced the signing of a Memorandum of Understanding (MoU) with the Shanghai Stock Exchange to promote mutual development and cooperation between the two exchanges. The MoU was signed by Eng. Khalid Al Hussan, CEO of the Saudi Tadawul Group, and Mr. Cai Jianchun, President of the Shanghai Stock Exchange during the Shanghai Stock Exchange high delegation’s visit to Saudi Arabia.
As part of the MoU, the two Exchanges will explore opportunities in Cross-listing, Fintech, ESG, data exchange, and research, as well as promote diversity and inclusion in both markets. The MoU will also facilitate knowledge sharing in listing family businesses and SMEs, dual-listings of ETFs, and Investor Relations initiatives, while developing the infrastructure of both capital markets.
Speaking on the occasion, Khalid Al Hussan, CEO of the Saudi Tadawul Group said, “The MoU with the Shanghai Stock Exchange is an important step towards advancing the growth of the Saudi capital market and facilitate greater connectivity between Saudi Arabia and China. 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 are pleased to announce our MoU signing with Saudi Tadawul Group to explore potential opportunities in Fintech, ESG, and other areas of mutual interest. 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 Saudi Capital Market.”
The MoU is part of Saudi Tadawul Group's commitment to develop the Saudi Capital Market, which aims to diversify and enhance the Saudi capital market, placing it firmly on the global stage as the gateway to the MENA region for issuers and investors.
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