PR88887

RIYADH, Saudi Arabia, April 8, 2021 /PRNewswire=KYODO JBN/ --

- Four subsidiaries under the umbrella of the new Group, focused on growth and

innovation

- The launch of (Saudi Exchange) a dedicated stock exchange company, and

(Wamid), an applied technology solutions company aimed at strengthening the

Group's capabilities in technology and innovation-based services and solutions

- The transformation will reinforce Saudi Tadawul Group's position as an

attractive investment destination for investors and the issuers' exchange of

choice

- Sarah Al-Suhaimi is to chair the new Group and Eng. Khalid Al-Hussan to be

appointed as the Group's Chief Executive Officer  

- This transformation establishes the necessary platform to realize the Group's

strategic objectives and strengthen its infrastructure ahead of the IPO this

year (2021)

The Saudi Stock Exchange (Tadawul) today announced its transformation into a

holding group structure and reinforcing its capabilities in technology

innovation by launching a dedicated applied technology solutions company,

Wamid.  This transformation marks a new chapter in the Group's history and

signals its readiness for the IPO in 2021.  

Tadawul announced the launch of a holding company, the Saudi Tadawul Group,

which will become the parent company with a portfolio of four subsidiaries: the

Saudi Exchange, a dedicated stock exchange business (previously known as the

Saudi Stock Exchange Company - Tadawul), the Securities Clearing Center Company

(Muqassa), the Securities Depository Center Company (Edaa) and Wamid – a new

innovative applied technology services business, focused on providing

innovation and nascent technologies within the Saudi economy through pragmatic

innovation.

The launch of Wamid will add depth and diversity to the Saudi Tadawul Group and

its subsidiaries' offerings, strengthen market infrastructure through

innovative solutions, and capture expansion opportunities through targeted

investments in an array of sectors and industries. It will increase the Saudi

capital market's attractiveness among global investors and reinforce its

position as the issuers' exchange of choice.

The Group will benefit from the integration and synergies between its

subsidiaries, ensuring efficient intra-group operations across the

organization. The operational independence of each subsidiary will create an

agile environment supporting rapid responses to evolving global and local

market trends. It will also facilitate the introduction of best-in-class

services to all market participants, diversification of investment

opportunities, and the continued development of the Saudi capital market, its

infrastructure, and member's offerings.

To lead this Group structure, Sarah Al-Suhaimi, current Chairperson of

Tadawul's Board of Directors, will become Chairperson of the Saudi Tadawul

Group, and Eng. Khalid Al-Hussan will become the Group's Chief Executive

Officer.

Mohammed Al-Rumaih, who has more than 17 years of experience in the financial

sector, has been appointed as Chief Executive Officer of (Saudi Exchange).

Previously, Al-Rumaih held various administrative and leadership positions in

Tadawul, and oversaw the development of several financial instruments, major

listings and marketing initiatives.

Furthermore, Mohammed Al-Nory has been appointed as Chief Executive Officer of

(Wamid). Al-Nouri brings 16 years of experience in commercial and investment

banking, with a wealth of knowledge in corporate finance, business development

and Capital Markets' products.  

During a press conference held virtually today, Sarah Al-Suhaimi, Chairperson

Saudi Tadawul Group, said: "The transformation into the new structure under

Saudi Tadawul Group, will support the continued growth of the Saudi capital

market and reinforce its position as a global market leader and advanced

capital market."

"This is a significant achievement in our journey to transform Saudi Arabia's

economy. Comprehensive capital market reforms are not only prudent, but

essential to ensuring higher economic growth, and achieving the nation-wide

goal of the successful delivery of Saudi's Vision 2030 and aligned with the

strategy of the Public Investment Fund (PIF)." Al-Suhaimi added.

Eng. Khalid Al-Hussan, CEO of Saudi Tadawul Group, commented: "The new

structure will enable us to deliver high-quality services across all our

business lines, increase our competitiveness, and align our capital market with

the rapid growth of Emerging Markets. I'm confident that the Saudi Tadawul

Group and its subsidiary companies will shape what comes next in terms of

capital market development in Saudi Arabia, serving as the bridge connecting

global investors and regional economies. The transformation provides a strong

platform for the Saudi Tadawul Group's IPO ".

Al-Hussan Continued: "The transformation into a group is part of a continuous

development program. The development program is focused on enhancing the

capital market, attracting foreign investments and diversifying the economy,

while supporting issuers and investors to achieve their ambitions, and

providing them with access to attractive investment opportunities, in what is

considered the region's next financial capital".

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SOURCE: Saudi Tadawul Group