The Saudi Stock Exchange (Tadawul) announced on Monday allowing, for the first time, foreign companies to list on Tadawul, a statement said.
The announcement comes on the Capital Market Authority (CMA)'s approval of amended listing rules including provisions related to foreign listing, the statement added.
The statement further explained that 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 Tadawul statement added.
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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