Partnership with Tadawul can help attract Aramco lPO, says Nasdaq CEO
New-York based Nasdaq Inc. can benefit from its technical partnership with the Saudi Stock Exchange (Tadawul) to attract the listing of Saudi Aramco, Reuters reported on Wednesday, citing Adena Friedman, Nasdaq’s chief executive.
The technology partner of Tadawul will use that relationship to promote the idea of a dual listing in Saudi Arabia and another global market.
"Every exchange in the world right now is competing to be considered as an exchange for the Aramco listing, including us,” Friedman said at the FIA's International Futures Industry Conference. “We're very active in finding opportunities to work with the Aramco team and demonstrate that we are the natural place for them.”
Nasdaq is a US multinational financial services corp. that owns and operates the NASDAQ stock market and offers technology services to other global exchanges.
Other exchanges are racing for a share in the planned initial public offering (IPO), which was estimated to be about $100 billion in size, in various cities – including London, New York, Tokyo, Hong Kong, Toronto, Singapore, Argaam earlier reported.
Saudi Arabia is planning to list up to 5 percent of the world's largest energy producer in Riyadh, and in one or more international markets.