Saudi Arabia: Tadawul Signs Development Agreement with Nasdaq

      Published on Saturday, 17 February , 2018      428 Views     
Saudi Arabia: Tadawul Signs Development Agreement with Nasdaq

  • Technology

Saudi Stock Exchange (Tadawul) and Nasdaq have signed a specialized agreement that aims at developing Tadawul’s technical infrastructure.




The agreement includes the replacement of the existing registry, depository and settlement solution and the introduction of a new central clearing solution that will enable Tadawul and market participants to introduce new asset classes to the market and offer new services to the investors.

Commenting on the agreement, Executive Director of Tadawul Eng. Khaled bin Abdullah al-Hussan, indicated that through the 10-year partnership, Nasdaq has been distinct in developing leading system technologies.

“Through this partnership, we aim to leverage flexible, high-efficiency technologies to increase the market’s future growth, and reduce the risk of clearing and settlement solutions in line with international practices and standards,” he added.

The Kingdom is now in an era of transition and innovation, said Adena Friedman, Executive Director of Nasdaq.

Friedman indicated that Nasdaq is confident Tadawul has the potential to meet Vision 2030.

Tadawul has launched numerous initiatives and efforts that are in line with the best global practices to expand its base in international markets, she continued.

This transformation is expected to be complete during the second half of 2020.

In this regard, the Financial Sector Development Program, announced by Saudi Arabia as part of Vision 2030, has become an important step towards the development of the local capital market and placing it among the top 10 financial markets in the world.

The Program wants to develop Saudi capital markets so they attract local and foreign investments and perform a pivotal role in developing the national economy and diversifying its income resources.

It also includes developing financial institutions, such as public and private funds, banks and insurance companies to improve their role in supporting the growth of the private sector.

Meanwhile, Saudi commercial banks will achieve new growth in their operating profits. The financial results of six local banks show an 11.3 percent year-on-year growth in profits compared to 2016.

In this regard, National Commercial Bank (NCB) announced its record net income for 2017 with a growth rate of 5.2 percent compared to 2016, al-Rajhi Bank 12.2 percent, and Riyad Bank recorded a growth rate of 18.07 percent in 2017.

Financial results announced by Saudi banks showed that al-Inma Bank’s profits have grown 33.8 percent in 2017, al-Bilad said growth of profits reached 16.6 percent, while al-Jazira Bank’s profits fell by only 1.6 percent over the past year.



The six banks that announced their financial results achieved a net profit of $7 billion in 2017. The rest of Saudi banks are expected to announce their financial results in the coming days amid signs that the profitability of most of them is growing.

Keywords:
Category Technology | 2018/02/17 latest update at 3:30 PM
Source : | Photocredit :
429 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Uber Eats expands to Makkah, Madinah
Saudi Arabia Saudi Arabia news

Uber Eats expands to Makkah, Madinah

Delivery service Uber Eats has expanded into two additional Saudi cities, launching in both Makkah and Madinah. In…

First case of coronavirus confirmed in Egypt

US arranging meeting between Netanyahu and Saudi crown prince

London’s community of wealthy Middle East property buyers continues to grow

Saudi Arabia pledges full support to Greek Cypriot administration King

Saudi Arabia pledges full support to Greek Cypriot administration

Saudi Arabian Foreign Minister Prince Faisal bin Farhan al-Saud expressed full support for the Greek Cypriot administration amid…

Saudi Cabinet voices support for the territorial sovereignty of Cyprus Government

Saudi Cabinet voices support for the territorial sovereignty of Cyprus

Saudi Arabia has voiced its support for Cyprus’ territorial sovereignty amid growing tensions following the discovery of oil…

How G20 presidency is likely to deliver Saudi economic boost Government

How G20 presidency is likely to deliver Saudi economic boost

Saudi Arabia becoming the first Arab nation to take over the G20 presidency is likely to deliver a…

Saudi Arabia offers ‘full support’ to Cyprus amid Eastern Mediterranean tensions Government

Saudi Arabia offers ‘full support’ to Cyprus amid Eastern Mediterranean tensions

Saudi Arabia’s King Salman received on Sunday the Cypriot Foreign Minister Nikos Christodoulides. They discussed bilateral relations between…

GULF TV

Popular in GULF TV

Saudi Crown Prince Wife|Why Not with him In the Foreign Tour’s

2845 Views

Saudi Crown Prince Wife Princess Sara bint Mashoor, Why Not with him In the Foreign Tour’s. Prince Mohammed…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government