Shanghai Stock Exchange signs MoU with Saudi Tadawul Group
·MoU includes exploring collaboration opportunities on cross listing, fintech, ESG, and more
·Partnership intends to bolster the growth of capital markets in Saudia Arabia and China
On September 3, 2023, Shanghai Stock Exchange announced the signing of a Memorandum of Understanding (MoU) with Saudi Tadawul Group to promote mutual development and cooperation between the two exchanges. The MoU was signed by Mr. Cai Jianchun, President of the Shanghai Stock Exchange and Mr. Khalid Abdullah Al-Hussan, CEO of the Saudi Tadawul Group, during the Shanghai Stock Exchange high delegation’s visit to Saudi Arabia.
As part of the MoU, the two Exchanges will explore opportunities in cross-listing, Fintech, ESG, data exchange, and research, as well as promote diversity and inclusion in both markets. The partnership will also facilitate knowledge sharing in listing businesses, dual-listings of ETFs, and Investor Relations initiatives, while developing the infrastructure of both capital markets.
Speaking on the occasion, Cai Jianchun, President of the Shanghai Stock Exchange, said, “We are pleased to announce our partnership with Saudi Tadawul Group to explore potential opportunities in Fintech, ESG, and other areas of mutual interest. We look forward to working closely with the Saudi Tadawul Group to advance ETF and other product cooperation and further strengthen the cooperation between China and Saudi Capital Market.”
Khalid Abdullah Al-Hussan, CEO of the Saudi Tadawul Group said, “Our partnership with the Shanghai Stock Exchange is an important step towards advancing the growth of the Saudi capital market, in line with Vision 2030’s Financial Sector Development Program. This partnership will help facilitate greater connectivity between Saudi Arabia and China and encourage companies in both countries to consider cross-listing. This partnership is a testament to our shared commitment to promoting the development of capital markets, and we believe it will benefit issuers and investors in both countries."
To date, the SSE has signed MOUs with 57 overseas institutions and has successfully engaged in exchanges and cooperations in various forms within the framework of these agreements, exploring practical ways to serve the capital markets of both sides. Going forward, under the overarching coordination of the CSRC, the SSE will strive to expand the scope of international communication, steadily advance diverse cooperations with overseas exchanges, and contribute to the high-standard opening up of the capital market.