The Saudi Stock Exchange (Tadawul) And The Bahrain Bourse (BHB) Sign Cooperation Agreement

27/11/2013

The Saudi Stock Exchange (Tadawul) and the Bahrain Bourse (BHB) have today entered into a Memorandum of Understanding (MoU), which will serve to deepen and enhance the existing cooperation between the two stock exchanges.

The MoU, signed by Adel Saleh Al-Ghamdi, Chief Executive Officer of the Saudi Stock Exchange, and Fouad A. Rahman Rashid, Chief Executive Officer of Bahrain Bourse, enables the two parties to share knowledge and expertise, open the door for people development, and explore future opportunities related to capital market development and policy alignment initiatives.

The signing of the MoU comes a week after the Saudi Stock Exchange signed a similar MoU with the Abu Dhabi Securities Market (ADX), signaling a greater focus from Saudi’s national securities bourse to foster closer, more formalized, relationships with its Gulf neighbors.

Speaking at the signing ceremony, which was held at Tadawul’s headquarters in Riyadh, Al-Ghamdi indicated that the cooperation envisaged under this MoU “touches on a range of commercial and non-commercial aspirations that will not only benefit our respective exchanges, but will ultimately add value to market stakeholders on both platforms”.

Al-Ghamdi also expressed his hope that the agreements signed with ADX and Bourse Bahrain “when acted upon in word and in deed, will establish a communication framework amongst its signatories based on mutual trust and aligned interests, ultimately serving to create a unified and consistent voice for exchanges across the GCC, thereby enabling enhanced dialogue with policy makers and regulators, particularly on matters relating to capital market development”.

Fouad Rashid stated that the “MoU will enhance the strong relationships between KSA and Bahrain and will be a useful instrument not only to further the level of cooperation between the two exchanges, but will also open new business opportunities for market stakeholders in both countries. I look forward to a long and mutually beneficial relationship between the Bahrain Bourse and the Saudi Stock Exchange.”