The objective of the MOU is to further support developing best practices in Investor Relations (IR) and enhance transparency across the Kingdom.
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.
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, 2017.
After signing the agreement, Chief of Sales & 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”
Alex MacDonald-Vitale, Chairman of MEIRA added: “The IR function is developing quickly across the region and we see tremendous efforts to drive best practice in Saudi Arabia. Through the signing of this MoU, we are confident that listed firms and the network of IR professionals as a whole will benefit from access to a range of tools and support that will help their efforts to meet international standards. This agreement further strengthens the existing collaboration between MEIRA, Tadawul and listed firms, and we look forward to continuing to support the market as it evolves and grows”.
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”.