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Saudi stock exchange names financial adviser for IPO

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Saudi stock exchange names financial adviser for IPO

Tadawul,the Saudi Arabian stock exchange, picked HSBC Saudi Arabia Ltd. as thefinancial adviser forthe exchange's IPO.

The stockexchange said its IPO is slated to take place by 2018, after obtaining necessaryapprovals. The transaction is reportedly expected to raise more than $500million for a 30% stake in Tadawul.