Officials of the financial market, which ranks the largest in the Middle East region and one of the ten largest financial markets in the world, said yesterday that the group will have a capital of 1.2 billion riyals (320 million dollars), while the Saudi Tadawul Group was chosen as its name, as it includes four companies. It is Tadawul Saudi Arabia as a stock market, the Securities Clearing Center Company (Maqsas), the Securities Depository Center Company (Edaa), and the new “Wamda” company specialized in services and technology solutions based on innovation.
Sarah Al-Suhaimi, Chairman of the Board of Directors of the Saudi Tadawul Group, explained that the transformation will support all continuous development plans that the Saudi financial market seeks to achieve, the most prominent of which is the acceleration of the transformation of the national economy.
Al-Suhaimi added that the decision to offer came after achieving a number of achievements in terms of performance and operating efficiency, joining in emerging market indicators and listing the largest IPO in the world (Aramco), adding that after the decision of the Board of Directors and the approval of the owner – the Public Investment Fund – and the Authority to restructure the group. The time has come for an offer ».
Tadawul’s transformation into a group coincided with the Saudi market index yesterday breaking the 10,000 mark for the first time since 2014, to close at 10,014 points.