Boursa Kuwait has signed a memorandum of understanding (MoU) with the Saudi Tadawul Group that aims to form the basis of cooperation between the two stock exchange operators.
The MoU, which was signed on the periphery of the GCC Stock Exchange Summit in Riyadh, aimed to explore collaboration opportunities in financial technology (fintech), products as well as developing sustainability and in the fields of environmental, social and governance (ESG) reporting and implementation.
Collaborations on organising mutual events, investor relations initiatives as well as cross-listing of companies on both exchanges were also included as part of the MOU, said a statement.
In addition, the MoU aims to synergise the efforts of both bourses in the areas of financial literacy and raising awareness among market participants from both countries to the latest developments in capital markets regionally and across the globe. Through the memorandum, both Boursa Kuwait and the Saudi Tadawul Group will exchange perspectives on how best to entice family businesses, government entities and small and medium enterprises (SMEs) to list on their respective exchanges.
Boursa Kuwait’s Chief Executive Officer Mohammad Saud Al-Osaimi said: “We value the ongoing cooperation between the Kuwaiti capital market and its Saudi counterpart since its inception, and the signing of the memorandum of understanding today is an indication of our long-term partnership to develop the market and enhance the investment environment locally and across the region. Guided by our strategy, we at Boursa Kuwait work towards creating an attractive business environment and an adaptable, solvent capital market with high levels of transparency, that is able to attract more and more investors from the region and around the world. Through this MoU, we hope to broaden cooperation and knowledge transfer across the Gulf’s markets in what benefits these markets and the national economies of all parties.”
Eng Khalid Al Hussan, CEO of Saudi Tadawul Group, said: “We are confident that our new partnership with Boursa Kuwait is another step towards championing a diverse, interconnected, and advanced capital market in Saudi Arabia and the Middle East. Today’s memorandum comes in line with our commitment to elevating the Saudi Capital Market for regional and international investors, while facilitating greater connectivity with other exchanges in the GCC. We look forward to using this collaboration to encourage further knowledge sharing between Saudi Arabia and Kuwait and enhance the experience for all market participants.”
Since its inception, Boursa Kuwait has worked diligently to create a thriving capital market that attracts local and foreign investors through a broad spectrum of new products and services, infrastructure upgrades, and market reform initiatives, as part of its multi-phase market development plans.
The company was fully privatised in 2019, the first government entity in Kuwait to successfully undergo the process, bringing about greater levels of efficiency. Boursa Kuwait also self-listed in September 2020 and has made great strides in sustaining its operations and business continuity in the face of uncertainties and challenges.
Over the past six years, the company has rolled out numerous market reforms and new initiatives as part of its comprehensive multi-phase market development (MD) plans. -TradeArabia News Service
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