Tadawul plans to launch phase 2 of post trade infrastructure enhancements in Q3: Al-Rumaih

Mohammed Al-Rumaih, CEO of Tadawul

Mohammed Al-Rumaih, CEO of Tadawul, announced that the second phase of its post-trade infrastructure development will launch in the third quarter of 2024, marking the most significant upgrade to the Saudi financial market's infrastructure.

During the Capital Markets Forum in Hong Kong, Al-Rumaih emphasized the Saudi market's ambitious plans and achievements in pioneering projects annually to cater to investors and asset managers, particularly foreign investors.

He also highlighted ongoing enhancements in borrowing, lending, and listings within Tadawul.

Al-Rumaih noted the strong momentum in IPOs, featuring companies from various sectors and sizes, and at different life cycle stages.

The technology in the Saudi market is at par with advanced countries, he said, adding that Tadawul collaborates closely with developers and regulators to advance environmental, social, and corporate governance practices.

The Saudi market provides significant growth opportunities for companies and investors, Al-Rumaih said. Saudi Arabia is an attractive destination for investors in both the financial market and other sectors, he noted.

He pointed out that despite the Saudi market having some of the most robust laws overall, particularly those safeguarding minority interests. The Kingdom is committed to governance and continuous improvements while the key attraction is Vision 2030.

Al-Rumaih noted that Tadawul aims to become the region's largest stock exchange and views Hong Kong as an ideal partner for connecting the Middle East with the East.

He observed that Saudi Arabia is midway through its journey towards 2030. Despite initial criticisms of Vision 2030, the Kingdom has achieved some of its goals and has revised others to be more challenging.

He affirmed Saudi Arabia's commitment to diversifying its economy beyond oil by developing sectors such as tourism. He described the Saudi economy as the fastest growing in the G20, with the highest consumer spending, lowest inflation levels, a young demography and a safe country.