Saudi Exchange restructures into Saudi Tadawul Group ahead of targeted IPO

SourceArabian Business
SectorFinancial Markets
CountrySaudi Arabia

Saudi Arabia’s stock exchange, the largest in the Middle East, announced a reorganisation of its corporate structure in preparation for a highly anticipated initial public offering this year. The newly created Saudi Tadawul Group will have four subsidiaries, comprising the exchange, a clearing centre, a depository company and a technology-services business. The changes create the “necessary platform” to strengthen the group’s infrastructure before the IPO this year, company officials said in a virtual event Wednesday. / Press PlayKhalid Al Hussan, chief executive officer at Tadawul, discusses the launch of derivatives trading on the Tadawul, the roll out of more products and his outlook for the IPO market. “Our announcement today brings a new challenge and greater ambition to open up new horizons for the future of an advanced financial market in concurrence with the kingdom’s Vision 2030 and in accordance with the strategy of the Public Investment Fund,” said Khaled Al Hussan, CEO of Tadawul. Saudi Arabia has been the hottest market for IPOs...read more...