Kuwaiti companies plan listing on Tadawul next year: KBC Chairman

The Kingdom of Saudi Arabia's flag

Several Kuwaiti companies have expressed their intent to list in Saudi Arabia, said Firas Al-Salem Chairman of the Kuwaiti Business Council (KBC).

He added that memoranda of understanding exist between market regulators in both countries in this field and that these listings are likely to begin next year, Asharq News reported.

Speaking on the sidelines of the Future Investment Initiative conference, Al-Salem indicated that Kuwait’s two largest banks intend to expand in Saudi Arabia in light of the financing opportunities provided by the mega projects within Vision 2030.

He went on to say that the Saudi economy is the largest in the region and a member of the G20, so it is vital for Kuwaiti companies to be present in it, in addition to the incentives for foreign investment in the Kingdom.

The volume of trade between Saudi Arabia and Kuwait amounts to SAR 12 billion and grows annually at a rate of 10-15%.

There are also agreements between the two countries in the fields of transportation and logistics infrastructure, which will facilitate the flow of goods between them and thus boost the volume of trade exchange, he further said.