Saudi Arabia's Tadawul has entered an initial agreement with the Abu Dhabi Securities Exchange to allow for the cross-listing of shares.
In January last year, the kingdom’s Capital Market Authority (CMA) said it would allow public companies from foreign markets to seek a secondary listing on the Tadawul.
The agreement with the ADX is the first among GCC exchanges since legislation was passed last year.
According to a statement posted on the ADX website, the agreement calls for “exploring opportunities for technology and market data sharing, cross-listings, as well as collaboration on market development initiatives”.
Saudi Arabia’s stock market, the most liquid in the region with more than US$1.3 billion (Dh4.7bn) traded daily, has been considering a wider opening of its market for several years.
Currently, foreigners have only limited opportunities to invest through indirect ownership and exchange-traded funds that track indexes.
The regulatory framework introduced last year was considered a major step towards foreign ownership of Saudi-listed companies.
“A foreign issuer whose securities are listed in another regulated exchange may apply for its securities to be registered and admitted to listing,” the CMA said in a statement on its website last year.
“The authority may admit the securities to listing provided that, in the authority’s opinion, the listing rules applicable in the foreign issuer’s jurisdiction of listing are at least equivalent to these rules.”
Separately, the head of the Dubai Financial Market, Essa Kazim, told Bloomberg yesterday he expects "initial public offerings to flood back into the market" amid improved valuations.
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The specs
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The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
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The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
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- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
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- Drones must weigh 5 kg or less
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