Riyadh, Feb. 8 (BNA): The Central Bank of Bahrain (CBB) signed a memorandum of understanding with the Capital Market Authority (CMA) of Saudi Arabia.

The MoU aimed at enhancing bilateral cooperation in the areas of dual listing of issuers in both markets and unifying the Know Your Customer models for capital market institutions.

The signing ceremony was held on the sidelines of the third meeting of the Saudi-Bahraini Coordination Council in Saudi Arabia.

Khalid Ibrahim Humaidan, the Governor of the CBB, affirmed the importance of strengthening bilateral ties in various fields for the benefit of both countries, particularly in the field of financial services.

He stated that the MoU has several provisions pertaining to the scope of a dual listing application, obligations of issuers in this context, violations, and the development of a mechanism for exchanging data and information with listed companies.

The MoU also stipulates procedures for simplifying investment account opening by enabling capital market institutions in both jurisdictions to streamline procedures and allowing the reliance on third parties for customer due diligence.

"We look forward to enhancing areas of joint cooperation in the capital markets field and benefiting from the experiences of both countries, identifying opportunities for developing relations between the two sides to support joint projects," the governor said.

H.F.