Tadawul Saudi Arabia signs an agreement with the Muscat Stock Exchange to enable dual listing
“Saudi Tadawul” and the Securities Depository Center Company “Edaa” announced, in a statement, today, Thursday, the signing of two agreements with each of the Muscat Stock Exchange and the Muscat Clearing and Depository Company, with the aim of enabling companies to dual-list in the Saudi financial market and its Omani counterpart, and to enhance the ability of investors To gain access to two of the thriving financial markets in the Gulf region.
The “Saudi Tadawul” had signed an agreement with the Muscat Stock Exchange to ensure the existence of an organized market for the trading of stocks through Tadawul Saudi Arabia and the Muscat Stock Exchange, and to share information related to the securities listed in both markets in accordance with regulatory requirements.
The agreement also aims to coordinate efforts to implement corporate procedures for dual-listed securities, and cooperate in key areas to enable dual-listing operations.
In turn, Edaa signed an agreement with the Muscat Clearing and Depository Company to enable dual-listed companies to easily transfer shares between the Kingdom of Saudi Arabia and the Sultanate of Oman.
The two agreements were signed on the sidelines of the Gulf Financial Markets Committee conference held in Riyadh, and as an extension of a memorandum of understanding signed by the Saudi Tadawul Group with the Muscat Stock Exchange in 2021 with the aim of enhancing trading and encouraging joint cooperation between the two financial markets.
For his part, Chairman of the Board of Directors of “Saudi Tadawul” and “Edaa”, Engineer Khalid bin Abdullah Al-Hussan, said that today’s announcement represents another step towards linking the financial markets in the Gulf region, and facilitating access to a variety of investment opportunities. This cooperation falls within the framework of joint efforts to develop an advanced financial market in both the Kingdom and the Sultanate of Oman.
He continued, “We also look forward, through this cooperation, to enable the dual listing and benefit from the great growth potential in both markets.”
For his part, Haitham bin Salem Al Salmi, CEO of the Muscat Stock Exchange and Chairman of the Board of Directors of Muscat Clearing and Depository, said: “We are confident that the two agreements will contribute to expanding the scope of joint cooperation between the two markets, which will contribute to providing a new and diverse set of opportunities for both investors and issuers, at the international level.” Local and international, and today’s agreements are in line with Oman’s Vision 2040, which contributes to the development of the Omani financial market.
