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Saudi Tadawul Group Hires JP Morgan, Citi, NCB Capital for IPO

A Saudi man heads to the stock market with the start of Aramco's IPO, in Riyadh, Saudi Arabia. (Reuters)
A Saudi man heads to the stock market with the start of Aramco's IPO, in Riyadh, Saudi Arabia. (Reuters)
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Saudi Tadawul Group Hires JP Morgan, Citi, NCB Capital for IPO

A Saudi man heads to the stock market with the start of Aramco's IPO, in Riyadh, Saudi Arabia. (Reuters)
A Saudi man heads to the stock market with the start of Aramco's IPO, in Riyadh, Saudi Arabia. (Reuters)

Saudi Tadawul Group, the owner and operator of the country's stock market, said on Wednesday it appointed JP Morgan, Citigroup and the securities arm of Saudi National Bank for its initial public offering.

Tadawul said the public share sale will allow it to expand and strengthen its position globally. The deal is part of efforts by Saudi Arabia to diversify its economy.

With a market capitalization of $2.5 trillion, Tadawul is the Arab world’s largest stock exchange.

Saudi Arabia's stock exchange has converted itself into a holding company and will be renamed Saudi Tadawul Group ahead of the listing this year, Group Chief Executive Khalid al-Hussan said previously.

The group will have four subsidiaries - its bourse Saudi Exchange, securities clearing and depository businesses and technology services.

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Saudi FM Leads High-Ranking Delegation to WEF Annual Meeting in Davos

The Saudi flag. Asharq A-Awsat
The Saudi flag. Asharq A-Awsat
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Saudi FM Leads High-Ranking Delegation to WEF Annual Meeting in Davos

The Saudi flag. Asharq A-Awsat
The Saudi flag. Asharq A-Awsat

A high-level Saudi delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah will participate in the World Economic Forum (WEF) Annual Meeting in Davos on January 20-24.

The Kingdom’s delegation includes Minister of Commerce Majid Al-Kassabi; Minister of Tourism Ahmed Al Khateeb; Minister of State for Foreign Affairs, Cabinet Member, and Climate Envoy Adel Al-Jubeir; Minister of Investment Khalid Al-Falih; Minister of Finance Mohammed Al-Jadaan; Minister of Communications and Information Technology Abdullah Alswaha; Minister of Industry and Mineral Resources Bandar Alkhorayef, and Minister of Economy and Planning Faisal Alibrahim.

Taking place under the theme of “Collaboration for the Intelligent Age”, the 55th World Economic Forum Annual Meeting arrives at a time of growing geopolitical, economic and humanitarian challenges — from ongoing conflicts to a tepid global growth trajectory, and from the seismic impact of advanced technologies on labor markets and human capital to the increasingly urgent need for a practical and inclusive energy transition.

During its participation, the Saudi delegation will collaborate with leaders from government, the private sector, civil society and academia to address these pressing global challenges and shape a prosperous future. The delegation will also explore opportunities to drive disruptive innovation, unlock human potential, steer sustainable transitions and foster global dialogue.

The delegation will also share experiences and insights from its transformation journey and wide-ranging reform agenda under Saudi Vision 2030, which is building a more resilient, productive and integrated economy.

The Ministry of Economy and Planning (MEP) leads the Kingdom’s long-standing partnership with the WEF and has delivered impactful initiatives that have addressed pressing global challenges.
The 55th annual meeting of the World Economic Forum brings together representatives from more than 100 governments, major international organizations, and more than 1,000 major private sector players, in addition to young changemakers and representatives of civil society and academic institutions.