Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) signed a memorandum of understanding (MoU) with the Japan Exchange Group, Inc. (JPX) on Tuesday in Tokyo.

The agreement aims to formalise and develop further cooperation between the two exchanges, according to a bourse statement.

"This MoU will provide a framework for understanding and cooperation between Tadawul and JPX. It will work to strengthen the relations between both exchanges to support the development of both capital markets,” Khalid Al Hussan, CEO of Tadawul, said.

Al Hussan noted that the deal is the beginning of a long and prosperous relationship that will open up new areas of future collaboration between both exchanges.

Moreover, the CEO added that the memorandum comes in-line with Tadawul’s strategy of supporting capital market development and resonating with Vision 2030.

“We are amazed at how fast Tadawul has been implementing a series of market reforms to open its markets and enhance the market functions lately. I hope this MoU will lay the foundations for further market development in both JPX and Tadawul,” Akira Kiyota, CEO of JPX, stated.