Tadawul to reveal new cross listing rules in two weeks

The Saudi Stock Exchange (Tadawul) and Capital Market Authority (CMA) are finalizing the new cross listing regulations that will be released within the next two weeks, Khalid Al Hussan, chief executive officer, Tadawul, told Argaam on Sunday.

"The market has received great interest from various firms seeking to cross-list their shares in Tadawul to benefit from a new category of investors and the solid market liquidity," Al Hussan.

Tadawul is in talks with two Gulf firms to cross-list their shares this year upon fulfilling the regulatory requirements.

Following Tadawul’s inclusion in FTSE Russell and MSCI's Emerging Market Indices, Al Hussan said the market will benefit from fresh liquidity to be injected by new investors.

It will also capitalize on better corporate governance, research coverage, and introduction of more products to these investors.

"The new category of foreign investors will be a new addition to other market participants, who play a vital role in developing the Saudi capital market," he concluded.