Riyadh-(BNEWS)-In a strategic move to enhance regional cooperation, Palestine Exchange and the Saudi Tadawul Group have signed a Memorandum of Understanding (MoU) at the Group's headquarters in Riyadh. The agreement aims to promote the exchange of financial expertise and broaden avenues of collaboration between the two financial markets.
The MoU was signed by Mr. Nihad Kamal, General Manager of Palestine Exchange, and Engineer Khalid Al-Hussan, CEO of the Saudi Tadawul Group, in the presence of delegates from both sides.
During the visit, both parties discussed recent developments in the financial markets sector in their respective countries. The Palestine Exchange delegation was introduced to the corporate structure of the Saudi Tadawul Group and its subsidiaries, which include: Tadawul (the Saudi Stock Exchange), Muqassa (the Securities Clearing Center), Edaa (the Securities Depository Center), and Wamid (the Innovation and Digital Solutions Company).
Introductory presentations covered the Nomu – Parallel Market, Exchange-Traded Funds (ETFs) and their regulatory frameworks, as well as a comprehensive overview of listing mechanisms, clearing and depository services, and the role of technology in advancing Saudi Arabia's financial market. As part of the visit, a meeting was conducted with a company listed on the Nomu Parallel Market to gain insight into a real example of the challenges faced across the pre-listing, listing, and post-listing stages. The discussion further highlighted the strategic advantages and growth opportunities the company seeks to capitalize on through its listing on the Nomu Market.
Mr. Kamal emphasized that this MoU aligns with the Exchange's strategic objectives to grow the market, diversify financial instruments, and strengthen its regional presence. Collaboration with leading financial institutions such as the Saudi Tadawul Group is expected to create new opportunities for innovation and growth in the Palestinian capital market.
Engineer Al-Hussan stated that the MoU aims to enhance mutual cooperation across several fields, including financial technology, Environmental, Social, and Governance (ESG) practices, dual listings, and knowledge exchange. He emphasized that this step is an extension of the Group's ongoing efforts to build strategic partnerships that support the development of financial markets at regional and international levels.
Palestine Exchange was established in 1995 and became a public shareholding company in 2012. It aspires to be a world-class financial market, offering innovative services in an environment characterized by fairness, transparency, and security. Palestine Exchange is recognized globally and is listed on several major international indices, including FTSE Frontier Markets, MSCI, and S&P, with a dedicated Palestine-specific index under each.
