Swiss stock exchange SIX has signed a memorandum of understanding with its Saudi counterpart Tadawul on cooperation in the stock exchange sector.

This is the third financial dialogue between Switzerland and Saudi Arabia that took place in Zurich. The first two financial dialogues between the two entities were held in 2018 and 2019.

The main topics addressed in the financial dialogue were the great potential of digitalisation for sustainable financial services, an improvement in reciprocal market access and sovereign debt management.

The delegations also acknowledged the double taxation agreement between the two countries that came into force on 1 April 2021.

The financial dialogue also included a meeting between the two delegations and high-ranking representatives of Swiss banks and insurance companies, as well as visits to fintech companies in the Zurich region.

Saudi Arabia is one of Switzerland’s most important trading partners in the Middle East, with an annual trade volume of around CHF 2.3 billion. Over 100 Swiss companies operate locally in Saudi Arabia.