Dubai: Several Kuwaiti companies express interest in listing on the Saudi stock exchange, according to Firas Al Salem, Chairman of the Kuwaiti Business Council.
He noted that there are memoranda of understanding between the regulatory authorities of both countries, suggesting that these listings could commence next year, as reported by Asharq News.
Speaking at the Future Investment Initiative conference, Al Salem mentioned that Kuwait’s two largest banks are planning to expand into Saudi Arabia, driven by financing opportunities linked to the mega projects under Vision 2030, as reported by Saudi financial news portal Argaam.com.
He emphasised the importance of Kuwaiti companies being active in the Saudi market, given that the country boasts the largest economy in the region and is a G20 member, along with the incentives offered for foreign investment.
Al Salem also highlighted that trade between Saudi Arabia and Kuwait reaches $3 billion (Dh11 billion), growing annually at a rate of 10 per cent to 15 per cent. He added that agreements in transportation and logistics infrastructure will facilitate trade flows between the two nations, further enhancing their commercial exchange.
