Saudi Customs signs MoU with Tadawul to stimulate private companies to go public
Saudi Customs and the Saudi Stock Exchange (Tadawul) signed a memorandum of understanding (MoU) on Wednesday, April 24 to help achieve the objectives of the Financial Sector Development Program.
The memorandum was signed by H.E. Ahmed bin Abdulaziz Alhakbani, Governor of the General Customs Authority, and Eng. Khalid Al Hussan, Chief Executive Officer of Tadawul.
The MoU, which was signed on the sidelines of the Financial Sector Conference, focused on supporting the initiatives of the Financial Sector Development Program, in particular the initiative associated with "Incentivizing and encouraging private companies to offer and list their shares on the stock market".
Saudi Customs will offer the private sector listed companies priority in joining the Authorized Economic Operator (AEO) program, after successful fulfillment of the AEO criteria. Being one of Saudi Customs’ trade facilitation initiatives, AEO boosts Customs-to-Business partnerships, enhances the security of the global supply chain, and provides additional and exclusive features to facilitate trade.
The Financial Sector Development Program is one of the most important executive programs launched by the Council of Economic and Development Affairs to achieve the objectives of the Kingdom's Vision 2030, which includes many initiatives and incentives among which stimulating the listing of private sector companies in the financial market.