US exchange Nasdaq has agreed a deal to provide Saudi Arabia with new technology to bolster its market infrastructure, as the kingdom looks to transform its capital Riyadh into a leading financial centre.

The revamp will see Nasdaq replace registry, depository and risk management technology that has been in place at Saudi Stock Exchange, or Tadawul, since 2001. The exchange is one piece of Crown Prince Mohammed bin Salman's strategy of modernising the Saudi economy and reducing its reliance on oil exports.