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Publish Date : 29-Nov-2013

Bahrain Bourse (BHB) declared that it has inked a Memorandum of Understanding (MoU) with the Saudi Stock Exchange (Tadawul) for strengthening and improving existing co-operation.

BHB chief executive Fouad Rashid and Tadawul chief executive Adel Al Ghamdi have initialed the MoU at Tadawul's headquarters in Riyadh.

As per the MoU, both the parties will be able to share knowledge and expertise. The MoU will open the door for people development, and explore future opportunities associated with the capital market development and policy alignment initiatives.

Mr Rashid said, "It will enhance the strong relationships between Saudi Arabia and Bahrain and will be a useful instrument not only to further the level of co-operation between the two exchanges, but will also open new business opportunities for market stakeholders in both countries."

He added, "I look forward to a long and mutually beneficial relationship between the Bahrain Bourse and the Saudi Stock Exchange."

Mr Al Ghamdi said, "The co-operation envisaged under the MoU touches on a range of commercial and non-commercial aspirations that will not only benefit our respective exchanges, but will ultimately add value to market stakeholders on both platforms."

He said, "The agreements, when acted upon in word and in deed, will establish a communication framework amongst signatories based on mutual trust and aligned interests. This would ultimately serve to create a unified and consistent voice for exchanges across the GCC, thereby enabling enhanced dialogue with policy makers and regulators, particularly on matters relating to capital market development."

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