The Egyptian Exchange (EGX) and Saudi Exchange (Tadawul Group) signed a memorandum of Understanding (MoU) to enhance joint cooperation efforts. The memorandum aims to develop joint cooperation to identify the most important developments and mechanisms that the two markets are working on.
For his part, Rami El-Dokany, Chairperson of EGX, welcomed the joint cooperation with the Saudi Tadawul Group, especially in the fields of technology and financial technology, as well as the joint exchange of experiences and work on developing human resources in the two markets.
El-Dokany added that the exchange of experiences on development efforts in the files of sustainability, environmental, social and corporate governance falls within the areas of cooperation included in the memorandum of understanding that was signed between the two parties. The MoU also covers ways of cooperation in the areas of education and informing investors about the role and importance of financial markets in national economies.
Khalid Abdullah Al-Hussan, Chief Executive Officer of Saudi Tadawul Group, said, “We seek to cooperate with regional and international financial markets in areas including dual and simultaneous listings, environmental and social practices, corporate governance, financial technology, and diversity and inclusion in order to achieve our goal of establishing the Kingdom’s position as a leading investment destination. In addition, we are reinforcing the efforts of Tadawul Group to develop an advanced, diversified and integrated financial market that provides rewarding opportunities for regional and international investors, in line with the objectives of the financial sector development program within Saudi Vision 2030.”