Hong Kong and Saudi Arabia Strengthen Economic Ties: Collaborating on ETFs, Direct Flights, and Capital Formation
Hong Kong is collaborating with Saudi Arabia to create a new exchange-traded fund (ETF) that will track Hong Kong's local stock indices.
Michael Wong, Hong Kong's deputy financial secretary, announced this plan at the Capital Market Forum in Hong Kong.
Wong also revealed intentions to establish a trade base in Riyadh to strengthen economic relations between Hong Kong, Saudi Arabia, and mainland China.
The Hong Kong government is working with several financial institutions on the ETF listing in the Middle East, and is also considering opening an economic and trade office in Riyadh.
This announcement follows Hong Kong's November 2023 launch of an ETF tracking the Saudi Arabia Index.
The China Securities Regulatory Commission announced measures to make it easier for Saudi companies to access Chinese capital.
Cathay Pacific Airways will start flights from Hong Kong to Riyadh by the end of 2024, reducing flight time.
Khalid Al-Hussan, CEO of Saudi Tadawul Group, spoke at the Capital Market Forum in Hong Kong, emphasizing the deepening connection between Saudi Arabia and Hong Kong.
The text is about the two-day investment forum held in Saudi Arabia, which brought together over 1,000 investors, listed companies, and financial pioneers from Hong Kong and mainland China.
The aim of the forum was to explore challenges and opportunities shaping the contemporary market landscape and strengthen financial bonds between Saudi Arabia and Hong Kong.
Al-Hussan, the CEO of Tadawul Group, emphasized the importance of the event as a bridge between the two dynamic economies and a platform for knowledge sharing and collaboration.
He also highlighted the significant transformations undergone by Saudi Arabia's stock exchange since the launch of Vision 2030.
The text discusses the Saudi Arabian government's aspirations for an open and integrated capital market as part of its Vision 2030 goals.
Previously, the Saudi capital market was focused on local issuers and investors.
However, with Vision 2030, the goal is to create an open and attractive market that is connected to the global economy.
The average daily trading volume in Saudi Arabia's stock exchange has doubled over the last two years, reaching around SR9.5 billion ($2.3 billion) per day.
Saudi Arabia's market capitalization is now among the top 10 globally.
Saudi Arabia's market has seen a significant increase in initial public offerings (IPOs) and asset management growth.
There are now around 40 IPOs per year compared to just a few in the past.
Asset management has also expanded from $100 billion to $130 billion, and the number of participants has grown from 250,000 to over a million in just five years.
Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing Ltd, highlighted Saudi Arabia's economic diversification journey and the potential of the Kingdom's capital market for investors.
She also emphasized the importance of capital markets in increasing global connectivity.
Chan, CEO of Hong Kong Exchanges and Clearing Ltd, discussed the economic transformations in China and Saudi Arabia.
In Saudi Arabia, the focus is on diversification beyond the oil industry, with a goal of $3.2 trillion in capital formation.
Deputy Minister of Investment Transactions Saleh Al-Khabti revealed this ambitious target during a panel discussion, stating that they are halfway through their Vision 2030 plan and proud of their achievements so far.
Saudi Arabia aims to attract investor interest due to its favorable elements.
The deputy minister of Saudi Arabia's Ministry of Investment, Al-Khabti, reported that the Saudi Arabian economy is experiencing healthy inflation and a strong banking sector with high credit demand.
The non-oil sector has seen growth above its average for over two years, reaching 4.4 percent, and the country had a gross fixed capital formation of about $300 billion last year, a 70 percent increase in five years.
Unemployment has decreased from 12 percent to 7.7 percent, and female labor force participation has reached the high twenties, surpassing 2030 targets.
Al-Khabti invited investment in Saudi Arabia and welcomed Chinese participation in various sectors, particularly automobile, EV, mining, technology, and tourism.
The text is about the success of Oman's tourism sector.
The country had set a goal of attracting 100 million visitors by 2030, but this target was reached a year early.
As a result, a new, more ambitious goal was set for the industry: to welcome 150 million visitors by 2030.
Wong also revealed intentions to establish a trade base in Riyadh to strengthen economic relations between Hong Kong, Saudi Arabia, and mainland China.
The Hong Kong government is working with several financial institutions on the ETF listing in the Middle East, and is also considering opening an economic and trade office in Riyadh.
This announcement follows Hong Kong's November 2023 launch of an ETF tracking the Saudi Arabia Index.
The China Securities Regulatory Commission announced measures to make it easier for Saudi companies to access Chinese capital.
Cathay Pacific Airways will start flights from Hong Kong to Riyadh by the end of 2024, reducing flight time.
Khalid Al-Hussan, CEO of Saudi Tadawul Group, spoke at the Capital Market Forum in Hong Kong, emphasizing the deepening connection between Saudi Arabia and Hong Kong.
The text is about the two-day investment forum held in Saudi Arabia, which brought together over 1,000 investors, listed companies, and financial pioneers from Hong Kong and mainland China.
The aim of the forum was to explore challenges and opportunities shaping the contemporary market landscape and strengthen financial bonds between Saudi Arabia and Hong Kong.
Al-Hussan, the CEO of Tadawul Group, emphasized the importance of the event as a bridge between the two dynamic economies and a platform for knowledge sharing and collaboration.
He also highlighted the significant transformations undergone by Saudi Arabia's stock exchange since the launch of Vision 2030.
The text discusses the Saudi Arabian government's aspirations for an open and integrated capital market as part of its Vision 2030 goals.
Previously, the Saudi capital market was focused on local issuers and investors.
However, with Vision 2030, the goal is to create an open and attractive market that is connected to the global economy.
The average daily trading volume in Saudi Arabia's stock exchange has doubled over the last two years, reaching around SR9.5 billion ($2.3 billion) per day.
Saudi Arabia's market capitalization is now among the top 10 globally.
Saudi Arabia's market has seen a significant increase in initial public offerings (IPOs) and asset management growth.
There are now around 40 IPOs per year compared to just a few in the past.
Asset management has also expanded from $100 billion to $130 billion, and the number of participants has grown from 250,000 to over a million in just five years.
Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing Ltd, highlighted Saudi Arabia's economic diversification journey and the potential of the Kingdom's capital market for investors.
She also emphasized the importance of capital markets in increasing global connectivity.
Chan, CEO of Hong Kong Exchanges and Clearing Ltd, discussed the economic transformations in China and Saudi Arabia.
In Saudi Arabia, the focus is on diversification beyond the oil industry, with a goal of $3.2 trillion in capital formation.
Deputy Minister of Investment Transactions Saleh Al-Khabti revealed this ambitious target during a panel discussion, stating that they are halfway through their Vision 2030 plan and proud of their achievements so far.
Saudi Arabia aims to attract investor interest due to its favorable elements.
The deputy minister of Saudi Arabia's Ministry of Investment, Al-Khabti, reported that the Saudi Arabian economy is experiencing healthy inflation and a strong banking sector with high credit demand.
The non-oil sector has seen growth above its average for over two years, reaching 4.4 percent, and the country had a gross fixed capital formation of about $300 billion last year, a 70 percent increase in five years.
Unemployment has decreased from 12 percent to 7.7 percent, and female labor force participation has reached the high twenties, surpassing 2030 targets.
Al-Khabti invited investment in Saudi Arabia and welcomed Chinese participation in various sectors, particularly automobile, EV, mining, technology, and tourism.
The text is about the success of Oman's tourism sector.
The country had set a goal of attracting 100 million visitors by 2030, but this target was reached a year early.
As a result, a new, more ambitious goal was set for the industry: to welcome 150 million visitors by 2030.
Translation:
Translated by AI
