Saudi Arabia plans to start cross-listing foreign companies on its exchange within a year, with a focus on Gulf Arab firms, as it moves closer to opening up its market to foreign investors, a senior stock market official said Tuesday. Waleed al-Bawardi, director of cash and markets at Tadawul, the Saudi exchange, said that details on disclosure requirements were being hammered out with the Capital Markets Authority (CMA) after the regulator amended listing rules in January to allow for cross-listing.
“We are working with the regulator, trying to detail the regulations for the cross-listing,” he said ahead of an event to unveil a new Tadawul initiative at the Jeddah Chamber of Commerce.
“I think within a year we can have some companies ... The initial focus could be on the [Gulf Arab] region and then we’ll see how it goes but this is still initial discussion.”
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