Tadawul’s transformation key step in developing advanced financial market, says CEO

Khalid Al-Hussan, CEO of Saudi Tadawul Group

The transformation of the Saudi Stock Exchange (Tadawul) into a holding group is a fundamental step towards developing an advanced financial market and achieving the objectives of the Financial Sector Development Program, in addition to boosting Saudi Arabia’s economy, Khalid Al-Hussan, chief executive officer (CEO) of Saudi Tadawul Group, said.

This comes with a new challenge and greater ambition to open new horizons for the future of an advanced capital market in line with Vision 2030 and the Public Investment Fund’s (PIF) strategy, he added.

Significant changes and improvements in the capital market had a clear impact on boosting its position in global markets to become one of the most important investment destinations, he said.

The transformation to Saudi Tadawul Group is part of a continuous development program, which is focused on enhancing the capital market, attracting foreign investments, and diversifying the economy, while supporting issuers and investors to achieve their ambitions and providing them with access to attractive investment opportunities, the CEO said.

Al-Hussan also indicated that the move makes Tadawul better prepared for an initial public offering (IPO) this year.

The launch of Wamid will contribute to expanding Saudi Tadawul Group and its subsidiaries, and will support innovative technical solutions in different areas as well as contribute to the integration of the financial market structure, Al-Hussan said.