Kuwait’s national stock market, Boursa Kuwait has signed a memorandum of understanding (MoU) with the Saudi Tadawul Group that aims to continue to build on the partnership and form the basis of cooperation between the two stock exchange operators.
The MoU further intends to explore collaboration opportunities in financial technology (fintech), products as well as developing sustainability.
Through the memorandum, both Boursa Kuwait and the Saudi Tadawul Group will exchange perspectives on how best to entice family businesses, government entities, and small and medium enterprises (SMEs) to list on their respective exchanges.
“We are confident that our new partnership with Boursa Kuwait is another step towards championing a diverse, interconnected, and advanced capital market in Saudi Arabia and the Middle East. Today’s memorandum comes in line with our commitment to elevating the Saudi Capital Market for regional and international investors while facilitating greater connectivity with other exchanges in the GCC. We look forward to using this collaboration to encourage further knowledge sharing between Saudi Arabia and Kuwait as well as enhance the experience for all market participants.”
According to the statement, “Collaborations on organizing mutual events, Investor Relations initiatives as well as cross-listing of companies on both exchanges were also included as part of the MoU.”
In addition, the MoU aims to synergize the efforts of both bourses in the areas of financial literacy and raise awareness among market participants from both countries to the latest developments in capital markets regionally and across the globe.
Boursa Kuwait’s Chief Executive Officer, Mr. Mohammad Saud Al-Osaimi said that, “We value the ongoing cooperation between the Kuwaiti capital market and its Saudi counterpart since its inception, and the signing of the memorandum of understanding today is an indication of our long-term partnership to develop the market and enhance the investment environment locally and across the region.”
“Guided by our strategy, we at Boursa Kuwait work towards creating an attractive business environment and an adaptable, solvent capital market with high levels of transparency, that can attract more and more investors from the region and around the world. Through this MoU, we hope to broaden cooperation and knowledge transfer across the Gulf’s markets in what benefits these markets and the national economies of all parties,” Mr. Al-Osaimi added.