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The Saudi Exchange, Muscat Stock Exchange, Edaa and Muscat Clearing Company have signed agreements allowing companies to cross list on both Saudi and Omani Exchanges, while allowing investors access to two thriving capital markets in the Gulf region.
The Saudi Exchange signed an agreement with Muscat Stock Exchange to ensure an orderly market in the trading of shares across the Saudi Exchange and Muscat Stock Exchange, and to share relevant information related to cross-listed securities in both markets as required to fulfill 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.
Edaa, The Securities Depository Company, and Muscat Clearing and Depository Company also signed an agreement to enable the smooth transfer of shares between Saudi Arabia and Oman 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 Saudi Tadawul Group and Muscat Stock Exchange in 2021, which sought to enhance trade and encourage collaboration across both capital markets.
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.”
Haitham Salem 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.”
The collaboration marks an important milestone for Saudi Arabia and Oman 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.
