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Switzerland and Saudi Arabia plan stock exchange cooperation

Swiss finance delegation during a visit to Saudi Arabia
Finance Minister Maurer (left) and his Saudi counterpart Al-Jadaan (centre) during a meeting in Riad three years ago. Keystone/Efd / Dff

The Swiss and Saudi stock exchanges have signed a memorandum of understanding on future cooperation at a high-level meeting in Switzerland.

The SIX and Tadawul stock exchanges signed the agreement at the third “financial dialogue” between the two countries in Zurich on Monday.

The delegations were led by Swiss Finance Minister Ueli Maurer and his Saudi Arabian counterpart, Mohammed Al-Jadaan.

The two sides discussed issues such as the digitalisation of sustainable financial services, access to each other’s markets and sovereign debt management, the finance ministry said in a statementExternal link.

Talks also took place between Saudi officials and representatives of Swiss banks and insurance companies. The delegations also visited fintech companies in the Zurich region on Monday.

This was the third “financial dialogue” between the two countries; the previous meetings were held in 2018 and 2019.

Saudi Arabia is one of Switzerland’s most important trading partners in the Middle East, with trade volume of around CHF2.3 billion ($2.5 billion). Over 100 Swiss firms operate in the Gulf state.

Swiss NGOs and left-wing parties meanwhile continue to accuse the Saudi regime of human rights violations.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR