There will be four subsidiaries under the new parent company focused on growth and innovation: The Saudi Exchange, a dedicated stock exchange business (previously known as the Saudi Stock Exchange Company - Tadawul), the Securities Clearing Center Company (Muqassa), the Securities Depository Center Company (Edaa), and Wamid – a new innovative applied technology services business.
Khalid Al-Hussan, CEO of Saudi Tadawul Group, said: "The new structure will enable us to deliver high-quality services across all of our business lines, increase our competitiveness, and align our capital market with the rapid growth of emerging markets. The transformation provides a strong platform for the Saudi Tadawul Group's IPO."
The Saudi Tadawul Group and the products of its subsidiaries are expected to leverage on Wamid, which aims to strengthen market infrastructure through innovative solutions and identify expansion opportunities through targeted investments in many sectors and industries.
Sarah Al-Suhaimi, current Chairperson of Tadawul's Board of Directors, will become Chairperson of the Saudi Tadawul Group, and Eng. Khalid Al-Hussan
will become the Group's Chief Executive Officer, a statement from the Group said.
Mohammed Al-Rumaih, has been appointed as CEO of Saudi Exchange and Mohammed Al -Nory will be the CEO of Wamid, the Saudi Tadawul Group said in a statement.
"This is a significant achievement in our journey to transform Saudi Arabia's economy. Comprehensive capital market reforms are not only prudent but essential to ensuring higher economic growth, to achieving the nation-wide goal of the successful delivery of Saudi's Vision 2030, and to align with the strategy of the Public Investment Fund (PIF),” Sarah Al-Suhaimi, Chairperson Saudi Tadawul Group, said.
(Writing by Seban Scaria; editing by Daniel Luiz)
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