RIYADH: According to a senior official, Hong Kong and Saudi Arabia are working together to create an exchange-traded fund that will track the former’s local stock indices. Michael Wong, the administrative region’s deputy financial secretary, disclosed plans to establish a trade base in Riyadh during his speech at the Capital Market Forum in Hong Kong.
This action aims to strengthen economic ties between Saudi Arabia, mainland China, and Hong Kong. Wong stated: “We are collaborating with multiple financial institutions to list an exchange-traded fund (ETF) in the Middle East that will track the stock indices of Hong Kong.” Additionally, the Hong Kong government is thinking of opening an economic and trade office in Riyadh. Cathay Pacific plans to resume direct passenger flights between Riyadh and Hong Kong in the coming months. The deputy financial secretary added, “And I’ve been informed that it will occur in the fourth quarter of this year. “Hong Kong and Saudi Arabia’s friendship and partnership will go very far and endure the test of time,” he continued.
After introducing Vision 2030, the CEO of Tadawul Group continued, pointing out that the Saudi stock exchange has experienced substantial changes. He underlined again how the Kingdom wants to fully integrate into the global economy and operate on an open market.
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