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Saudi exchange eyes cross-listing for foreign firms

WaleedAl Bawardi, the director of cash and markets at the Saudi exchange (Tadawul) has announced plans to start cross-listing foreign companies on its exchange within a year, with a focus on GCC firms, as the kingdom moves closer to opening up its market to foreign investors, Reuters has reported. Details on disclosure requirements are currently being finalised with the Capital Markets Authority (CMA) after the regulator amended listing rules in January to allow for cross-listing, he said. "I think within a year we can have some companies ... The initial focus could be on the GCC region and then we'll see how it goes but this is still initial discussion," he added.