SIX has signed an MoU with Saudi exchange Tadawul for future cooperation

The Swiss exchange SIX has signed a memorandum of understanding with its Saudi counterpart Tadawul on cooperation in the exchange sector.

This is the third financial dialogue between Switzerland and Saudi Arabia to take place in Zurich. The first two financial dialogues between the two entities took place in 2018 and 2019.

The main topics addressed in the financial dialogue were the great potential of digitization for sustainable financial services, improving reciprocal market access and sovereign debt management.

Delegations also recognized the Double Taxation Agreement between the two countries which entered into force on 1 April 2021.

The financial dialogue also included a meeting between the two delegations and senior representatives from Swiss banks and insurance companies, as well as visits to fintech companies in the Zurich region.

Saudi Arabia is one of Switzerland’s most important trading partners in the Middle East, with an annual trading volume of approximately CHF 2.3 billion. More than 100 Swiss companies operate locally in Saudi Arabia.