Saudi, Japan bourses ink deal to boost ties

The Saudi Stock Exchange (Tadawul) has signed a memorandum of understanding (MoU) with Japan Exchange Group to exchange information and enhance market development, Tadawul said in a statement.

Both exchanges will explore cooperation opportunities across a broad range of areas, including product development and cross-listing.

The agreement came during King Salman’s visit to Japan, part of the Saudi monarch’s month-long tour of Asia.

Saudi Arabian Oil Co. (Saudi Aramco), the world’s largest crude exporter, is considering setting up a joint group with Tokyo Stock Exchange to study a potential listing of the oil giant in Japan, Reuters reported Monday.

The kingdom plans to list up to 5 percent of the world's largest oil producer on Tadawul, in addition to one or more international markets.

New York, London, Hong Kong, Singapore and Toronto, besides Tokyo, are vying for what could be the world's largest IPO, valued at $100 billion.