Skip to content Skip to Search
Skip navigation

Saudi and Chinese bourses to explore cross-listings

Shanghai Stock Exchange president Cai Jianchun and Saudi Tadawul Group CEO Khalid Abdullah Al-Hussan at the signing ceremony Shanghai Stock Exchange
Shanghai Stock Exchange president Cai Jianchun and Saudi Tadawul Group CEO Khalid Abdullah Al-Hussan at the signing ceremony

Saudi Tadawul Group and Shanghai Stock Exchange have signed a memorandum of understanding to promote mutual development and collaboration – a sign of deeper ties between the kingdom and the world’s second largest economy.

The two exchanges will explore opportunities in cross-listing, fintech, ESG, data exchange, and research, the Shanghai Stock Exchange said in a statement.

The partnership will also facilitate knowledge sharing in listing businesses, dual listings of exchange-traded funds (ETFs), and investor relations initiatives, while developing the infrastructure of both capital markets.

Cai Jianchun, president of the Shanghai Stock Exchange, said the agreement will further strengthen the cooperation between China and the Saudi capital market, adding it will work closely with the Saudi Tadawul Group to advance ETF and other products.

The partnership will help facilitate greater connectivity between Saudi Arabia and China and encourage companies in both countries to consider cross-listing, added Khalid Abdullah Al-Hussan, CEO of Saudi Tadawul Group.

Four Middle Eastern nations last month were admitted into the Brics bloc of developing countries – made up of Brazil, Russia, India, China and South Africa – bridging regional political divides and signalling increased Chinese influence around the world.

The decision to add another six members – Saudi Arabia, Iran, the UAE, Egypt, Argentina and Ethiopia – was described as a political victory for China to bolster the “Global South” against perceptions of US domination. 

Saudi Arabia remains one of China’s strongest global trade partners, leading Chinese engagement in the construction sector during the first half of 2023, according to the latest Belt and Road Initiative investment report issued by the Green Finance & Development Center at Fudan University in Shanghai. 

Saudi Tadawul Group reported net profit fell 23.6 percent year on year to SAR 105.2 million ($28.05 million) in the second quarter, down from SAR 137.7 million.

The lower profit was driven by a 15.5 percent annual drop in operating revenue to SAR 252 million, as a result of a fall in trading and post-trade revenues.

Latest articles

Mining, Transportation, Truck

Saudi Arabia targets Chile for lithium investments

Saudi Arabia’s mining minister Bandar Alkhorayef will visit Chile next month to negotiate a deal to secure lithium to support the kingdom’s ambition to expand its electric vehicle (EV) sector, a news report said. Alkhorayef will meet with his counterpart in Santiago, Reuters reported, quoting a Chilean government statement. The report said the two officials will discuss […]

Nature, Outdoors, Sea

Luxury hotel revenues in Oman rise to $242m

Oman’s luxury hotels continued to make money in April as the number of guests surged. The revenue of three- to five-star hotels rose 11 percent year on year to OMR93 million ($242 million), the state-run Oman News Agency said, quoting the National Centre for Statistics and Information data. The revenue increase was driven by a […]

More than 24 million people visited the World Expo event at Expo City Dubai between October 2021 and March 2022

Construction begins at Expo City Dubai site

Construction has begun on the first residential properties at Expo City Dubai, part of a mixed-use master plan to repurpose the legacy site after the world fair came to a close two years ago. Master developer Expo City Dubai announced last week that it has awarded four key contracts for its Mangrove Residences. UAE-based USF […]

OTB Group has a presence in Dubai with its Maison Margiela store in the Dubai Mall

Chalhoub Group in venture with Italian luxury brand

Luxury distributor Chalhoub Group has entered into a joint venture with Italian fashion conglomerate OTB Group to expand the brand’s footprint in the Gulf. OTB (which stands for Only The Brave) owns the Diesel, Jil Sander, Maison Margiela, Marni and Viktor&Rolf brands, the Staff International and Brave Kid companies, and holds a stake in the […]