LOC10:33
07:33 GMT
TOKYO, March 14 (KUNA) -- Japan Exchange Group Inc. and the Saudi Stock Exchange, or Tadawul, agreed on Tuesday to enhance cooperation in a broad range of areas, including product development and cross-listing of shares.
A memorandum of understanding was signed in Tokyo by Tadawul CEO Khalid Abdullah Al-Hussan and Japan Exchange CEO Akira Kiyota, according to a joint press release issued by the two bourses.
Under the agreement, Japan Exchange and Tadawul will build a closer relationship through the exchange of information in areas of mutual interest and assist each other in market development, the press release said. The two exchanges will also explore cooperation opportunities across a broad range of areas, including product development, cross-listing, joint marketing and promotion, and financial education. Japan Exchange owns the Tokyo Stock Exchange, home to more than 3,500 companies.
"We are delighted to sign the MOU with Tadawul at this juncture and believe that this will enhance cooperation between our capital markets and add a new dimension to collaboration between our two countries," Kiyota said in his speech.
For his part, Al-Hussan said, "This memorandum will provide a framework for understanding and cooperation between Tadawul and Japan Exchange Group and it will work to strengthen the relations between both exchanges to support the development of both capital markets."
Al-Hussan explained that the deal comes in-line with Tadawul's strategy of supporting capital market development. "In addition, this initiative resonates with the Vision 2030 (of Saudi Arabia) that calls for building 'an advanced capital market that is open to the world'," he noted.
The agreement comes a day after Japanese Prime Minister Shinzo Abe on Monday sought visiting Saudi Arabia's King Salman bin Abdulaziz Al-Saud support for a listing of kingdom's state oil company Saudi Aramco's shares on the Tokyo Stock Exchange.
According to a press release from the Japanese Foreign Ministry, the king told Abe that the Saudi side will consider the request as he wants Japanese investors to purchase Aramco shares. (end)
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