Tadawul Joins United Nations Sustainable Stock Exchanges Initiative
The Saudi Stock Exchange (Tadawul) announced today that it has joined the United Nations (UN) Sustainable Stock Exchanges (SSE) Initiative as a Partner Exchange. Joining nearly 80 Partner Exchanges globally, the partnership is aimed at promoting the integration of sustainability within Saudi Arabia’s capital market working together with market participants, issuers and relevant stakeholders.
As per the agreement, Tadawul will work towards achieving environmental and social targets primarily covering five pillars under the Sustainable Developmental Goals (SDGs). They include gender equality, fostering economic growth, responsible consumption and production, climate action, and collaboration with other partners' exchanges.
Commenting on the partnership, Khalid Al Hussan, CEO of Tadawul, said: “We are pleased to join the SSE Initiative and we are confident that this will serve as a catalyst for sustainability advancement in Saudi Capital Market through developing a robust roadmap for sustainable development. As a Partner Exchange, we look forward to exchanging information and ideas with other partners through this exciting platform.”
The partnership will also see Tadawul work on many initiatives to raise awareness and motivate listed companies to adopt sustainable practices and integrating ESG reporting into their disclosure cycle. In addition, it will collaborate with relevant stakeholders in order to fulfil this commitment.
The Saudi Stock Exchange (Tadawul)
On the 19th of March 2007, the Council of Ministers approved the formation of The Saudi Stock Exchange (Tadawul). This was in accordance with Article-20 of the Capital Market Law establishing Tadawul as a joint stock company. Tadawul is the sole entity authorized in the Kingdom of Saudi Arabia to act as the Securities Exchange (the Exchange). It mainly carries out listing and trading in securities, as well as deposit, transfer, clearing, settlement, and registry of ownership of securities traded on the Exchange. The legal status, duties, and responsibilities of the Exchange and Depository Center are explicitly defined in the Capital Market Law (CML) issued by Royal Decree Number (M/30), dated on June 16, 2003. The Exchange is also the official source of all market information.