Formation of a GCC Financial Markets Committee
Saudi Exchange announced that GCC Exchanges Formulated Financial Markets Committee consisting of Saudi Exchange, Bahrain Bourse, Boursa Kuwait, Qatar Stock Exchange, Muscat Stock Exchange, Abu Dhabi Securities Exchange and Dubai Financial Market that aim to support the development of regional capital markets by elevating their position on the global stage and utilizing technology to create an advanced capital market ecosystem in the Gulf Cooperation Council (GCC) region.
Launch of the second edition of the Investor Relations Best Practice Toolkit
Saudi Exchange launched the second edition of the Investor Relations Best Practice Toolkit. This toolkit provides information and practical advice tailored to the Saudi capital market, enabling investor relations professionals of companies listed on the Saudi Exchange to implement international IR best practices.
Launch of the new Saudi Exchange website
Saudi Exchange launched its new website, underscoring its commitment to enhancing user experience.
Winner of Procurement Excellence Standard Award
Saudi Tadawul Group received the Procurement Excellence Standard Award from the Chartered Institute of Procurement and Supply (CIPS). The Group stands as one of the six entities in Saudi Arabia to receive this prestigious accreditation.
Successful Saudi Capital Market Forum 2023
Saudi Tadawul Group organized the Saudi Capital Market Forum 2023, bringing together opinion leaders, issuers, investors, and government entities. The event aimed to delve into key industry challenges, the evolution of global capital markets, and spotlight the efforts of Saudi companies in aligning with global sustainability standards.
Fostering global collaboration
Saudi Tadawul Group inked Memoranda of Understanding (MoU) regionally and internationally with Hong Kong, Singapore, Egypt, and Qatar stock exchanges. The objective is to bolster collaboration across diverse areas, including dual listings, ESG, FinTech, diversity, and inclusion, aligning with the Group’s vision of becoming an investment destination linking East and West.
Enhancing sustainable development in the Kingdom
Saudi Exchange signed an MoU with the Saudi Capital Market Authority (CMA) and the Ministry of Economic Planning. The collaboration aims to propel the Kingdom’s sustainable development, advance environmental, social and governance (ESG) standards, and raise awareness among investors about ESG principles.
Elevating sustainability assessment, analysis, and reporting with Clarity AI
Saudi Tadawul Group signed an MoU with Clarity AI to bolster MENA companies’ sustainability reporting. The collaboration aims to infuse innovation into the ESG infrastructure, introduce dynamic new platforms to provide investors and issuers with more granular access to data, and facilitate benchmarking in ESG practices.
Stimulating investment in specialized private sector funds
Saudi Exchange signed an MoU with SVC on the sidelines of the Saudi Capital Market Forum 2023 to stimulate investment in specialized private sector funds in early pre-IPO stages managed by financial institutions. The agreement supports startups and SMEs intending to list in the Kingdom by offering advisory services and training, enhancing their understanding of the dynamics of the Saudi capital market.
Creation of Liqaa, an engaging virtual meeting platform
Saudi Tadawul Group’s innovation arm, WAMID, launched Liqaa, a new meeting management platform. Liqaa provides issuers, investors, entities, and Stakeholders a secure and integrated virtual meeting experience for AGMs, earning calls and other corporate meetings. The platform includes a suite of value added services aimed at enhancing engagement with key Stakeholders.
Completion of DirectFN acquisition
WAMID successfully completed the acquisition of a 51% stake in DirectFN for SAR 118.26 million (USD 31.54 million). This strategic move will enable WAMID to expand its geographic reach, diversify non-trading revenue streams, and support its vision to elevate capital markets by offering differentiated services and products.
Enhancing accessibility through acceptance of non-cash collateral
Saudi Tadawul Group’s subsidiary, the Securities Clearing Center Company (Muqassa), began accepting non-cash collateral in the cash market. This now includes Saudi Arabian Government Sukuk denominated in Saudi Riyals with five years or less remaining to maturity.
Recognition as the Best Clearinghouse in the Region
Muqassa has been recognized as the Best Clearinghouse in the Region for the year 2022 by Arab Federation of Capital Markets (AFCM). This award acknowledges Muqassa’s commitment to providing clearing services aligned with international risk management practices, supporting the growth and development of capital markets in the region.
Successful implementation of Saudi Exchange market enhancements
Saudi Exchange successfully implemented a bundle of enhancements designed to further strengthen the Exchange’s infrastructure. These enhancements, developed in line with international standards, aim to increase the efficiency of trading services on the Exchange.
Forging stronger ties with Turkey
Edaa signed an MoU with the Central Securities Depository of Turkey. This agreement aims to enhance operational, administrative, and technical procedures between the two markets and establish effective cooperation and knowledge exchange programs.
Enhancing liquidity and further strengthening the financial markets
Following the publication of Market Making Rules and Procedures in 2022, Saudi Exchange continued its efforts in this area in 2023 with the signing of eight Market Making Agreements with three key market makers: Riyad Capital, Al Rajhi Capital, and SNB Capital.
Strengthening ties with the Amman Stock Exchange
Saudi Tadawul Group signed an MoU with Amman Stock Exchange during the Saudi Jordan Joint Committee meeting held in Riyadh. The agreement aims to bolster cooperation across several key fields, including ESG, cross listing, FinTech, investor relations, investor education, and knowledge exchange.
Silver Excellence Award from the Human Resources Development Fund
Saudi Tadawul Group received a Silver Excellence Award from the Human Resources Development Fund, recognizing the Group’s contributions to support SMEs using the FORSAH platform.
Strengthening collaboration with the Shanghai Stock Exchange
The Saudi Exchange signed an MoU to explore opportunities in cross-listing, FinTech, ESG, data exchange, and research. Additionally, the agreement aims to facilitate knowledge sharing and promote diversity and inclusion in both markets.
Launching Tadawul Size Indices and IPO Index
Saudi Exchange introduced the new Tadawul Size Indices and IPO Index, marking a significant milestone in the development of the Saudi capital market. The Tadawul Size Indices provide investors with benchmarks to diversify their investment strategies and to capitalize on specific market opportunities. The Tadawul IPO Index also provides a benchmark for evaluating the performance of the IPOs of companies listed on the Main Market within the past five years, presenting a unique opportunity to invest in new and rapidly growing companies.
Outstanding efforts in nurturing SMEs growth
Saudi Exchange received an award for its outstanding efforts in nurturing the growth of SMEs. The award is part of the Tomoh program, which aims to support the development of fast-growing SMEs in the Kingdom.
Launching Single Stock Options
The Saudi Exchange launched Single Stock Option (SSO) contracts, enabling both local and international investors to effectively hedge and manage portfolio risks. This marked the third derivatives product introduced in the Exchange.
Elevating standards with two ISO certifications
Saudi Tadawul Group received two ISO certifications: ISO 9001:2015 for Quality Management System, and ISO 4001:2018 for Facilities Management System. These certifications underscore the Group’s commitment to excellence and operational efficiency.
Enhancing mutual cooperation with Al Yamamah University
Saudi Tadawul Group signed an MoU with Al Yamamah University to deepen and broaden mutual cooperation across a variety of fields. This collaborative effort aims to provide academic and developmental opportunities, foster a work environment conducive to continuous education, and create training opportunities that meet the needs of both parties.
Launch of third edition of the Listing Guide
Saudi Exchange released the third edition of the Listing Guide, which serves as a roadmap to clearly outline the steps involved in the listing journey so that any firm – whether an emerging startup or an established entity looking to take its development to the next level – can gain access to the vast resources available on one of the world’s largest exchanges.
Advancing Saudi Arabia’s stock market sustainability standards
Saudi Exchange signed an MoU with e& enterprise to collaborate on sustainability initiatives and support listed companies in the Saudi capital market in disclosing their ESG practices. This partnership will advance the objective of aligning the Saudi capital market with international sustainability standards.
Diversifying and enhancing the Saudi capital market
Saudi Tadawul Group signed an MoU with Shenzhen Stock Exchange, in line with the Group’s commitment to diversifying and enhancing the Saudi capital market. Both exchanges will explore cross-listing opportunities, develop indices, funds, REITs, and ETF products to promote greater investment in Saudi Arabia and China. The MoU will also facilitate knowledge sharing in listing family businesses, SMEs, and IR initiatives.
