Business

Japan and Saudi bourses to seek broad cooperation

Kyodo

Japan Exchange Group Inc. and the Saudi Stock Exchange agreed Tuesday to seek broad cooperation in areas such as cross-listing of shares and development of financial products.

The bourses signed a memorandum of understanding as King Salman bin Abdul-Aziz al-Saud of Saudi Arabia is visiting Japan with a huge delegation. Cooperation will also include joint marketing and promotion as well as financial education.

Khalid Abdullah Al Hussan, chief executive officer of the Saudi Stock Exchange, visited Japan Exchange, which has Tokyo Stock Exchange Inc. in its group, to meet with CEO Akira Kiyota.

The memorandum “will work to strengthen the relations between both exchanges to support the development of both capital markets,” Hussan said in a joint news release.

In the same release, Kiyota said: “This will enhance cooperation between our capital markets and add a new dimension to collaboration between our two countries.”

On Monday, the Saudi king and Prime Minister Shinzo Abe announced a plan to work together in seeking economic growth through reforms. The initiative includes negotiations toward listing Saudi Aramco, Saudi Arabia’s national oil company, on the TSE as part of its partial privatization.