As part of the agreement Tadawul will also continue to leverage the existing suite of market surveillance and CSD technologies that have been supported by NASDAQ OMX since 2006.

As part of its long-term strategic plan, Tadawul will replace its existing NASDAQ OMX platform (SAXESS) with one powered by the industry leading X-Stream INET technology. Migration to the new platform is expected to commence in January 2014.

"The Saudi Stock Exchange is proud to engage in a new chapter in its relationship with NASDAQ OMX as we continue our efforts to build the necessary infrastructure to expand into new products and services," said Adel Al-Ghamdi, Chief Executive Officer, Tadawul, in his opening remarks at yesterday's signing ceremony held in Tadawul's headquarters in Riyadh. "Our investment in the X-stream INET trading platform, recognized as the most advanced securities trading technology in the world, is an investment in the future of our capital markets. Its capacity and low latency will provide our members, and their clients, with enhanced performance and speed."

"The platform's scalability across asset classes also enables our marketplace to grow and adapt as our business environment and requirements change," Al-Ghamdi added. "We are delighted to have NASDAQ OMX as our technology partner as we continue to explore the many strategic opportunities that lie ahead."

"We are delighted that Tadawul has chosen to deepen its relationship with NASDAQ OMX," said Lars Ottersgard, Senior Vice President, Market Technology, NASDAQ OMX. "This is a culmination of our long-term support to the Saudi market and based on our position as the leading global technology provider. We look forward to working closely with Tadawul through the next exciting chapter in its development."