Tadawul signed today an MoU with the Middle East Investor Relations Association (MEIRA) to  develop best practices in Investor Relations (IR) and enhance transparency across the kingdom.

The MoU was signed during the Euromoney Conference in Riyadh.

MEIRA is a not-for-profit organization that aims to promote IR best practices throughout the Middle East. The Saudi MEIRA Chapter will help foster a culture of effective communication between listed companies, exchanges, regulators, advisers and the buy and sell side communities in the kingdom, and promote transparency in the market, said a statement.

This is considered an important milestone following the formal inauguration of the Saudi MEIRA chapter at a ceremony attended by founding members held at Tadawul offices on April 27.

Chief of sales and marketing at Tadawul, Mohammed Al Rumaih, said: “The agreement with MEIRA will support Tadawul’s continued efforts to enhance international investor confidence in Saudi Arabia through rigorous application of best practice in investor relations and corporate governance. The focus on driving forward IR capabilities in the kingdom aligns with Saudi Arabia’s 2030 vision and the plans to diversify our economy, as well as advancing Tadawul as the primary Middle East stock exchange.”

Walid Al Hakim, chairman of the Saudi MEIRA Chapter, said: “The establishment of the Saudi MEIRA Chapter is fully aligned with Saudi Arabia’s 2030 vision and the plans to diversify the kingdom's economy, open up the Tadawul to international investors,  and the inclusion of Saudi Arabia in the MSCI, FTSE and S&P Emerging Markets Indices. The Saudi MEIRA Chapter will act as a knowledge hub where IR professionals can come together to network and learn from international leaders in IR, and will support the advancement of the Tadawul as the primary Middle East stock exchange.
“Furthermore, enhancing local practice in IR by facilitating more effective communication between listed companies and the capital markets will encourage the active participation of more international investors,” he said. – TradeArabia News Service