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Muscat Stock Exchange signs MoU with Saudi Stock Exchange

7 Dec 2021 Muscat Stock Exchange signs MoU with Saudi Stock Exchange By OUR CORRESPONDENT

Muscat – Coinciding with the visit of Prince Mohammed bin Salman bin Abdulaziz al Saud, Crown Prince, Deputy Prime Minister and Minister of Defence of Saudi Arabia, to Oman, the Muscat Stock Exchange (MSX) signed a memorandum of understanding (MoU) with the Saudi Tadawul Group with the aim of strengthening bilateral relations and joint cooperation between the two stock exchanges.

Through this agreement, both MSX and Tawawul (Saudi Stock Exchange) are aiming to create a conducive investment environment for investors.

The MoU was signed by Haitham bin Salem al Salmi, CEO of the MSX, and Eng Khalid bin Abdullah al Hussan, CEO of the Saudi Tadawul Group, in a ceremony held at the Oman Convention and Exhibition Centre on Monday.

The agreement provides for strengthening a number of aspects of common interest and working to enter into an agreement on dual listing, activating the role of financial technology, sharing research and data between the two stock exchanges.

In addition to learning from shared experiences, this MoU also helps to develop diversity and inclusion in the two exchanges, explore opportunities for bilateral exchange, and develop sustainability, environmental, social and corporate governance.

In a press statement, Salmi said, “There is tremendous growth potential in both markets and this agreement will help MSX learn from the peer experience and knowledge to enhance further growth possibilities, as Tadawul is not only one of the best regional exchanges in the GCC but also a great industry partner.”

He said the two stock exchanges will work in cooperation with each other to further the case of ethical capital growth in the region while keeping in line with the global best practices to achieve new milestones.

The decision to join hands with Saudi Tadawul comes in light of the latest MSX transformation under the new leadership of its board and the executive management working strength to strength to take Omani stock exchange to the new heights of success.

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