Saudi stock exchange aims to lure Asian investors

Saudi officials and executives of nearly 14 companies will be in Singapore and Hong Kong next month to lure in Asian investors to the Saudi Stock Exchange (Tadawul), Reuters reported, citing unnamed banking sources.

The HSBC Saudi Arabia Investment Forum will include stops in Singapore on March 1-2 and Hong Kong on March 3, the sources said.

Tadawul chief executive Khalid al-Hussan, a senior Capital Market Authority official and representatives from the Saudi Arabian Monetary Authority and Saudi Arabian General Investment Authority will be on the trip, one of the sources said.

Among the companies and banks that will be part of the marketing tour are Saudi Basic Industries Corp, Al Rajhi Bank, Saudi British Bank, Banque Saudi Fransi and Samba Financial Group, a source said.

Savola Group and Saudi Arabian Mining Company are also said to attend.

The delegation is likely to meet around 100 investors during the trip.

Saudi Aramco will not be part of the trip, although the oil company has earlier said that it will also consider Asian markets for its upcoming initial public offering, Reuters reported.