Business & Money | Wednesday 1 August, 2018 11:30 am |

The Saudi Stock Exchange (Tadawul) launched its 2017 annual report under the theme ‘Expansion and Diversification’ to provide a comprehensive review of the company's performance and achievements during the financial year ended 31 December 2017.  

The report provides details on Tadawul’s 2017 performance, during which Tadawul ranked as the 25thlargest stock market of the World Federation of Exchanges, with a market capitalization of 451 billion USD at the end of 2017. Furthermore, the report reveals Tadawul's significant growth in net income reaching129.8 million SAR at 31 December 2017 - an increase of 543% compared to the previous year -, and a 74% year-on-year increase in revenue, standing at 545.4 million SAR at the end of 2017. 

The report elaborates on Tadawul’s strategy and its role in realizing the Saudi Vision 2030 as well as what has been achieved on a strategic level; most notably, the launch of Nomu -  the parallel market - as a step to support the national economy, diversify products and services provided to market participants,  diversify sources of income as well as develop the necessary infrastructure to support the requirements of transitioning into a global market. The report also sheds light on the marketplace and corporate governance framework adopted by Tadawul.

Furthermore, the report highlights Tadawul’s most notable operational achievements in line with international best practice, including implementing theGlobal Industry Classification Standard (GICS), rolling out the T+2 settlement cycle, introducing securities borrowing and lending as well as covered short-selling frameworks for the first time in the region, spinning off the Securities Depository Center (Edaa) and signing the post-trade agreement with NASDAQ.