Johannesburg, 2 May 2024 – In a significant move to bolster economic ties and enhance financial market collaboration, Leila Fourie, Group CEO of the Johannesburg Stock Exchange (JSE) has signed an MoU with the Saudi Tadawul Group.
The agreement is designed to serve as a catalyst for growth, innovation and technological advancement in both markets, supported by a shared vision for future prosperity.
“The MoU with the Saudi Tadawul Group will enable targeted client cross-selling engagements to foster secondary market trade activities and support new issuances, broadening the trading universe for investors and issuers alike. Building on the success of Africa’s first Shari’ah-compliant sustainability-linked Sukuk and the issuance of Rand-denominated Al-Ijarah Sukuk certificates by the South African government, the MoU also seeks to facilitate the development of new financial products and expedited listing processes that cater to the unique needs of both markets.” said Leila Fourie, JSE Group CEO.
“The MoU also brings to light shared interests in infrastructure investments, particularly in renewable energy projects, and the potential for leveraging Saudi expertise in sectors like health insurance and medicine to deepen economic ties,” concludes Fourie.
With the signing of this agreement, the JSE reaffirms its position as the leading stock exchange in Africa. This collaboration opens up new opportunities for both exchanges and their clients by enhancing access to diversified markets and broader investment opportunities.
Khalid Alhussan, CEO of the Saudi Tadawul Group said: “Our MoU with the JSE will unlock opportunities across listings, fintech, sustainability and more. We are committed to connecting with global capital markets, in line with our goal to advance the Saudi capital market and Vision 2030’s Financial Sector Development Programme. We look forward to creating solutions that will benefit both the Saudi and African markets.”
The MoU will explore the feasibility of dual-listing stocks, enhancing the liquidity and access to capital markets in both South Africa and the Kingdom of Saudi Arabia. This initiative aligns with the JSE's strategic goal to diversify and deepen its investor base.
ENDS
ABOUT THE JSE
The Johannesburg Stock Exchange (JSE) has a well-established history of operating as a marketplace for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world-class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself on being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent.
The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalisation, and is the largest stock exchange in Africa, having been in operation for over 137 years. As a leading global exchange, the JSE co-creates, unlocks value and makes real connections happen. www.jse.co.za
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ABOUT THE SAUDI TADAWUL GROUP
Founded in 2021 and headquartered in Riyadh, Saudi Tadawul Group is a holding company with a portfolio of four integrated subsidiaries: the Saudi Exchange, one of the largest 10 stock exchanges in the world by market capitalization, the Securities Clearing Center Company (Muqassa), the Securities Depository Center Company (Edaa), and Wamid, an innovative applied technology services business. Saudi Tadawul Group was established as part of a continuous development program focused on enhancing the capital market and its infrastructure, attracting foreign investments, and diversifying the Saudi economy. The Group reinforces Saudi Arabia’s position as an attractive global investment destination and the gateway to the MENA region.
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