Dubai Clear and Saudi’s Securities Clearing Center Company sign MoU

Dubai Clear and Saudi’s Securities Clearing Center Company sign MoU

Dubai: Dubai Clear, a subsidiary of the Dubai Financial Market (DFM) and The Securities Clearing Center Company “Muqassa”, a subsidiary of Saudi’s Tadawul Group, signed a Memorandum of Cooperation, creating a broad framework to strengthen collaboration and share knowledge on central clearing services as well as to actively explore ways of enhancing these services in line with international best practices.

The Memorandum of Cooperation was signed by Fatma Bin Qedad, General Manager of Dubai Clear and Wael Abdullah Al Hazzani, CEO of Muqassa. The MoC aims to lay the foundations for close relations between the two sides on several areas of cooperation including; sharing knowledge and information and exploring collaboration opportunities in regards to central clearing development and training as well as jointly organizing events.

Fatma Bin Qedad, General Manager of Dubai Clear, said; “We are delighted to sign this Memorandum with Muqassa, in a significant step that heralds a new stage of wide-ranging cooperation for the benefit of various market participants and strengthen investment activities in capital markets of Dubai and the Kingdom of Saudi Arabia. We look forward to implementing the MOU to create an efficient framework for knowledge and information sharing as well as to support the two companies’