19 February 2014 (Riyadh)
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 on the 10th February, by Adel Saleh Al-Ghamdi, Chief Executive Officer of the Saudi Stock Exchange, and Dato' Tajuddin Atan, Chief Executive Officer 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 relating to capital market development, particularly in the area of Islamic finance
The signing of the MoU follows similar agreements recently inked by the Saudi Stock Exchange with both the Abu Dhabi Securities Exchange and Bahrain Bourse. The agreement further resonates the serious efforts of the Saudi Stock Exchange 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.
About the Saudi Stock Exchange (Tadawul)
The Saudi Stock Exchange, by virtue of Law, sits as both the national securities exchange and sole securities depository in the Kingdom. This privilege positions the exchange as the exclusive gateway to the Saudi capital market.
With 163 listed constituents, market capitalization of USD 467.4 billion and average daily trading value of USD 1.5 billion as at the end of 2013, the Saudi Stock Exchange is considered the largest and most liquid in the entire Middle East and North Africa. From a regional perspective, the Saudi equity market also represents over 50% of the entire GCC equity market capitalization, and accounts for 75% of the value traded (as at the end of 2013).
As local wealth and liquidity continue to rise, the Saudi Stock Exchange's size, liquidity and cutting-edge platform offers stakeholders a highly efficient and reliable gateway to access the market; acting as a fundamental enabler of capital mobilization and investment into the Saudi economy.
Over the last seven years 79 companies have listed on the Saudi Stock Exchange, raising a total of USD 19 billion in IPO capital and shareholder proceeds.
The exchange hosts a diverse range of listed companies, covering 15 different sectors including petrochemicals, banks and financials, cement, industrials, energy and utilities, building and construction, insurance, retail, and food and agriculture. This diversity enables our investors to gain exposure to the performance of many of the key segments of the Saudi economy, the largest economy in the region.
Against a background of increased international investor interest in the region, and highly anticipated policy changes, the Saudi Stock Exchange is without doubt the stand-out regional exchange by every measure.
For further information on the Saudi Stock Exchange (Tadawul) please visit: www.tadawul.com.sa .
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Saudi Stock Exchange (Tadawul) Contact:
Ayed Al-Ayed
+966 11 218 9120
Ayed.ayed@tadawul.com.sa
About Bursa Malaysia
Bursa Malaysia is an approved exchange holding company under Section 15 of the Capital Markets and Services Act 2007. A public company limited by shares under the Companies Act 1965, Bursa Malaysia operates a fully-integrated exchange, offering equities, derivatives, offshore, bonds as well as Islamic products, and provides a diverse range of investment choices globally.
Bursa Malaysia Securities regulates and operates the securities trading activities in Malaysia, a stock market with more than 900 companies across 60 economic activities. Companies from the economic sectors are listed either on the Main Market for large-cap established companies, or on the ACE Market for emerging companies of all sizes. The Exchange adopts the FTSE Bursa Malaysia KLCI values as its main index.
For more information on Bursa Malaysia, visit www.bursamalaysia.com.
CONTACT:
Bursa Malaysia Media Contact:
Mohd Nazaruddin Ramli
Strategic Communications
Tel: 603 2034 7261
Fax: 603 2732 0069
E-mail: mohdnazaruddin@bursamalaysia.com
© Press Release 2014
