2024-05-09 07:51:43
Hong Kong and Saudi Arabia are exploring the possibility of creating an exchange-traded fund that would track the region’s indices, Michael Wong, deputy financial secretary of the Hong Kong SAR government, said in a statement on Thursday.
Wong added that the Hong Kong government is currently working with several financial institutions to develop the ETF.
This press release was published on the sidelines of an event organized by the group Trade Saudi ArabiaThe company that owns the Saudi Stock Exchange, Inc Hong Kong Scholarship and limited compensation.
In the statement, Wong also affirmed Hong Kong’s commitment to its partnership with the Kingdom, noting that Cathay Pacific Airways is expected to restart direct passenger flights between Hong Kong and Riyadh.
The statement said flights are expected to resume in the last quarter of this year, with flight times reduced to six hours.
Wong also highlighted recent negotiations with the Saudi government and mutual market access with the continent, saying this would make it easier for Saudi companies to access Chinese capital.
He continued in his statement: “The friendship and partnership between Hong Kong and Saudi Arabia will go much further and stand the test of time.”
In recent years, Hong Kong has begun communicating with the Middle East, including Saudi Arabia, in an effort to strengthen relations and increase investment opportunities in light of ongoing tensions between China and Western countries.
Last year a new ETF was listed which follows Saudi stocks In Hong Kong, becoming the first product of its type in Asia.
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