Muscat Stock Exchange, The Saudi Exchange, Muscat Clearing Company, and Edaa have signed agreements allowing companies to cross list on both Omani and Saudi Exchanges, while allowing investors access to two thriving capital markets in the Gulf region.
Muscat Stock Exchange signed an agreement with Saudi Exchange to ensure an orderly market in the trading of shares across the Muscat Stock Exchange and Saudi Exchange to share relevant information related to cross-listed securities in both markets as required to fulfil regulatory requirements. The agreement also intends to coordinate efforts to carry out corporate actions for cross-listed securities, in addition to other areas of collaboration required to enable cross listings.
Muscat Clearing and Depository Company and Edaa, The Securities Depository Company, also signed an agreement to enable the smooth transfer of shares between Oman and Saudi Arabia for cross-listed issuers.
The agreements were signed on the sidelines of the GCC Financial Markets Committee Summit in Riyadh, and follow an MoU signed between Muscat Stock Exchange and Saudi Tadawul Group in 2021, which sought to enhance trade and encourage collaboration across both capital markets.
Haitham bin Salim al Salmi, Chairman of MCD, and CEO of Muscat Stock Exchange, said, “We are confident these agreements will drive further collaborations between both exchanges creating new and diverse opportunities benefiting investors and issuers locally and internationally. Today’s agreements are also in line with Oman Vision 2040 that aims to advance the capital market.”
Eng Khalid Abdullah al Hussan, Chairman of the Board, Saudi Exchange, and Edaa said: “Today’s announcement is another step towards connecting GCC capital markets and facilitating diverse investment opportunities. This cooperation is in line with our joint efforts to develop an advanced capital market in Saudi Arabia and Oman. We look forward to enabling cross listings and benefit from the significant growth potential across both markets.”
The collaboration marks an important milestone for Oman and Saudi Arabia as both countries work towards developing advanced financial markets on-par with global financial hubs, unlocking new opportunities locally and internationally for investors and issuers alike.
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