Arab Press

بالشعب و للشعب
Sunday, Apr 02, 2023

Saudi Capital Market Forum witnesses 3 major MoUs on its second day  

Saudi Capital Market Forum witnesses 3 major MoUs on its second day  

Saudi Arabia’s Capital Market Forum held in Riyadh witnessed three memorandums of understanding being signed between local and international companies on its second day.
The first MoU was signed by Saudi Tadawul Group and Clarity AI, an artificial intelligence-powered platform that empowers assessment and reporting for businesses.

The partnership between the two companies aims to explore the potential of creating a data management and investor platform for users in the region and abroad.

The collaborative agreement will enable international investors to screen and report based on existing and upcoming national benchmarks with the aim of enhancing disclosure practices and frameworks throughout the region.

The second MoU was signed between SNB Capital and Goldman Sachs Academy while the third deal was between Saudi Venture Capital and Saudi Exchange.

SVC and Saudi Exchange aim to stimulate investment in specialized private sector funds in early pre-initial public offering stages managed by financial institutions.

As part of the agreement, the Saudi Exchange will support startups and small and medium enterprises that intend to list in the Kingdom by providing advisory services and training. This will help them better understand the dynamics of the Saudi capital market.

Established in 2018, SVC is a government venture capital firm that supports startups and SMEs in the Kingdom by investing $1.5 billion through funds and co-investment in startups.

On the first day of the event, the Saudi Tadawul Group signed three MoUs with the Singapore, Egypt, and Qatar exchanges.

As part of the agreement, the Singapore Exchange will form working teams to explore dual-listing opportunities. The partnership with the Egyptian Exchange will look at exploring new areas including product collaboration and knowledge transfer.

The third MoU with Qatar Stock Exchange will look to explore fintech product collaboration and share key learnings and best practices.

The Saudi Tadawul Group, established in March 2021, is the parent company of Saudi Exchange, a dedicated stock exchange business, the Securities Clearing Center Co., the Securities Depository Center Co., and Wamid, which is the innovation arm of the group.

The Saudi Capital Market Forum witnessed as many as 13 deals and partnerships during the two-day event which also hosted a number of informative panel discussions and presentations.

The event hosted over 2,000 issuers, investors, and market participants for two days of dialogue dedicated to advancing regional capital markets.

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