Sunday, August 1, 2021
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Editor's PickTadawul unveils tech arm to anchor its digital readiness

Tadawul unveils tech arm to anchor its digital readiness

As it prepares for its IPO this year, the Saudi Stock Exchange (Tadawul) has unveiled a new structure and launched a dedicated technology subsidiary, making it clear that the group is making innovation and technology advancement a key priority in its growth strategy.

Tadawul is assuming a new brand identity, Saudi Tadawul Group, as it adopts a holding group structure housing a portfolio of four brands including one new applied technology solutions company, Wamid.

“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 noted. As one of the largest Islamic financial markets in the world, this digital pivot of Saudi’s stock exchange underscores the Kingdom’s digital ambitions as it aggressively works toward its 2030 Vision.

Wamid, which will be led by newly appointed veteran banker CEO Mohammed Al-Nory, joins the group’s other subsidiaries: the Saudi Exchange (previously known as the Saudi Stock Exchange Company), the Securities Clearing Center Company (Muqassa) and the Securities Depository Center Company (Edaa).

“The new structure will enable us to deliver high-quality services across all of 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,” commented the group’s CEO Khalid Al- Hussan. “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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