The Johannesburg Stock Exchange (JSE) has signed a memorandum of understanding (MoU) with the Saudi Tadawul Group, a capital markets company seeking to diversify the Saudi economy.
The MoU considers the feasibility of dual-listing stocks, the firms explained, with the goal of enhancing liquidity and greater access to capital markets in both jurisdictions.
Through the agreement, the firms aim to bolster growth, innovation and technological advancement across both markets, they stated.
Leila Fourie, CEO of JSE Group, commented: “The MoU with the Saudi Tadawul Group will enable targeted client cross-selling engagements to foster secondary market trade activities and support new issuances, broadening the trading universe for investors and issuers alike.”
She continued: “Building on the success of Africa’s first Shari’ah-compliant sustainability-linked Sukuk and the issuance of Rand-denominated Al-Ijarah Sukuk certificates by the South African government, the MoU also seeks to facilitate the development of new financial products and expedited listing processes that cater to the unique needs of both markets.”
Khalid Alhussan, CEO of the Saudi Tadawul Group, added: “Our MoU with the JSE will unlock opportunities across listings, fintech, sustainability and more. We are committed to connecting with global capital markets, in line with our goal to advance the Saudi capital market and Vision 2030’s Financial Sector Development Programme. We look forward to creating solutions that will benefit both the Saudi and African markets.”
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