Riyadh (UNA/WAFA) – In a strategic move to enhance regional cooperation, the Palestine Exchange and the Saudi Tadawul Group signed a joint cooperation memorandum at the group’s headquarters in the Saudi capital, Riyadh. The move is part of efforts to enhance the exchange of financial expertise and expand cooperation between the two financial markets.
The memorandum of understanding was signed by the Director General of the Palestine Exchange, Nihad Kamal, and the CEO of the Saudi Tadawul Group, Eng. Khaled Al-Hussan, in the presence of representatives from both parties.
The two sides discussed developments in the securities sector in both countries. The Palestine Exchange delegation was briefed on the corporate structure of the Tadawul Group and its subsidiaries. The Saudi Tadawul Group is the parent company of Tadawul (the stock market), Muqassa (the securities clearing house), Edaa (the securities depository center), and WAMID (the technical innovation and digital solutions company).
Presentations were also given on the growth market, exchange-traded funds (ETFs), and their regulatory frameworks, along with a comprehensive review of listing mechanisms, clearing and depository services, and the role of technology in developing the Saudi financial market.
During the visit, a meeting was held with a company listed on the Nomu Market, with the aim of learning about a practical example of the challenges the company faced before, during, and after listing, as well as the advantages and opportunities it hopes to achieve through listing on the Nomu Market.
Commenting on the signing of the memorandum, Kamal emphasized that it aligns with the market's strategy to develop, expand its financial instruments, and strengthen its regional presence. He added that cooperation with leading financial institutions such as the Saudi Tadawul Group will open new horizons for growth and innovation in the Palestinian market.
For his part, Engineer Al-Hussan pointed out that the memorandum of understanding with the Palestine Exchange aims to enhance joint cooperation in several areas, including financial technology, environmental and social governance, dual listings, and the exchange of knowledge and expertise. This step represents an extension of the group's efforts to build strategic partnerships that contribute to supporting the growth of financial markets at the regional and international levels.
It's worth noting that the Palestine Exchange was established in 1995 and listed in 2012 after becoming a public shareholding company. It aims to become a financial market of international standards, providing innovative services to its clients in an environment characterized by fairness, transparency, and security.
It is worth noting that the Palestine Stock Exchange is listed on the most important global financial indices: Frontier Markets and FTSE Global, and a separate Palestine index on both Morgan Stanley and Standard & Poor's.
(is over)
