RIYADH: The Saudi Stock Exchange (Tadawul) announced today allowing foreign companies to list on Tadawul upon the Capital Market Authority (CMA)'s approval of amended Listing Rules including provisions related to foreign listing.
Foreign companies will be subject to the same listing, disclosure and governance requirements as Saudi listed companies, and foreign shares will be traded on the Saudi Stock Exchange in Saudi Riyals.
"Foreign Listings on the Saudi market reflects the importance of integration between capital markets in the region. This will facilitate issuers’ access to new funding resources and enable investors to reach a diversified pool of investment tools”, said Khalid Al Hussan, CEO of Tadawul.
Tadawul has begun developing rules and provisions for foreign listings in conjunction with CMA and signed a number of agreements with other stock exchanges in the region to facilitate foreign listings and link the Saudi market with other markets in the region. The Securities Depository Center Company (Edaa), a company fully owned by Tadawul, has signed two agreements with Abu Dhabi Securities Exchange and Bahrain Clear to enable foreign companies to list on Tadawul and to unify administrative and operational procedures between the two countries.
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About Tadawul
Saudi Stock Exchange (Tadawul) is the sole entity authorized in the Kingdom of Saudi Arabia to act as the kingdom’s securities exchange (the Exchange), listing and trading in securities. The Saudi stock market is the 24th largest stock market among the 67 members of the World Federation of Exchanges and is the dominant market in the Gulf Cooperation Council (GCC) comprising 52 percent of total GCC market capitalization and 79 percent of value traded. The Exchange is the 7th largest stock market amongst its emerging market peers. For more information see: www.tadawul.com.sa
Tadawul Contact:
Mohammed Al Abdullah
+966 (54) 541-1133
mohammed.abdullah@tadawul.com.sa
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