Singapore Exchange, Tadawul Group target companies eying dual listing: Official

Paul de Won, Head of Global Sales at Singapore Exchange (SGX)

Paul de Won, Head of Global Sales at Singapore Exchange (SGX), said the memorandum of understanding (MoU) signed with Saudi Tadawul Group Holding Co. aims to look for companies planning a dual listing on the two markets, as well as strengthen regulatory linkage.

On the sidelines of the Saudi Capital Market Forum, Wen told Argaam that the MoU offers a great opportunity for market participants, investors, and exporters to increase capital and diversify investment by easily accessing companies in the Asian continent.

The official added that SGX seeks to lure family investment funds, global institutional investors, and high-net-worth-companies from Saudi Arabia, as well as firms from Singapore, Southeast Asia, or Asia, which look for growth in the Middle East or North Africa and aim to list in the Saudi stock market.

He noted that there is accumulated capital in the region and Singapore, and some companies plan to distribute their capital in several international markets.

The relationship between the Kingdom and Singapore extends for more than 45 years, as Saudi Arabia is the second most important trading partner for Singapore, Won said. He added that there are several common sectors between the two countries in natural resources, oil and gas, marine industry, and currently financial services.

The number of companies listed on SGX stands at 750. In addition, the daily traded value amounts to S$1 billion.

SGX is the largest Asian derivatives exchange that provides the global market with access to all major exchanges in Asia as well as all major asset classes.