Saudi stock exchange converts to holding company ahead of IPO

JEDDAH: Saudi Arabia’s stock exchange (Tadawul) on Wednesday announced that it will become a holding company under the name Tadawul Group, with four subsidiaries.

The transformation comes amid preparations for the group’s initial public offering expected later this year.

The four new Saudi Tadawul Group companies are Tadawul, Maqasa, Edaa and a new company, Wamed.

Wamed will specialize in the group’s innovation and technological solutions arm, with Mohammed Al-Nouri as president.