Hashtag
Men's Weekly

Hong Kong: reinforcing links with Saudi Arabia and the Middle East

HONG KONG SAR - Media OutReach Newswire - 31 October 2024 - Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) Government, is visiting Saudi Arabia to attend the FII (Future Investment Initiative) and strengthen the HKSAR's connections with the country and the wider Middle East region.



Hong Kong’s Financial Secretary, Paul Chan, speaking during his visit in Saudi Arabia.
Hong Kong’s Financial Secretary, Paul Chan, speaking during his visit in Saudi Arabia.

In Riyadh (October 30), Mr Chan joined the listing ceremony at the Saudi Exchange for the first exchange-traded fund (ETF) in Saudi Arabia that invests in Hong Kong stocks, a product that is the result of collaboration between Albilad Bank of Saudi Arabia and Hong Kong's CSOP Asset Management Limited.

Mr Chan highlighted that, with this being the largest ETF in the Middle East, it would attract more regional investors and broaden funding sources for the Hong Kong market, while diversifying the investment product offerings in the Saudi market, fostering the development of its ETF market, creating a win-win situation.

Speaking at a breakfast meeting hosted by the Hong Kong Exchanges and Clearing Limited (HKEX) in Riyadh, Mr. Chan said: "Last year, we reached an agreement with the Saudi Exchange and Indonesia Stock Exchange to allow companies in these countries to secondary list on our Stock Exchange. As they come to Hong Kong, they are able to access both international capital and capital from the Mainland under the Connect Schemes."

The Financial Secretary pointed out that Saudi Arabia's Vision 2030 has brought major reforms and opportunities, promoting capital investment from Asian markets.

"As a key component of Vision 2030, Saudi Arabia has embarked on the Saudi Green Initiative, with clear targets to increase the share of renewable energy, reduce carbon emissions, and enhance land and sea protection. This vision resonates with us well, and we stand ready to contribute," Mr. Chan said.

With Hong Kong's unique advantage of "one country, two systems", Mr. Chan said the city enjoys convenient, and at times privileged, access to the Mainland market while retaining its distinctive features, including a common law system, a judiciary that exercises powers independently, free flow of capital, goods, information, and talent, a low and simple tax regime, and a currency pegged to the US dollar.

The first ETF in Saudi Arabia that invests in Hong Kong stocks is listed to create a win-win situation.
The first ETF in Saudi Arabia that invests in Hong Kong stocks is listed to create a win-win situation.

He also identified three key areas where Hong Kong has become the premier international financial centre connecting the Middle East with the Chinese market: as a deep and broad fund-raising market, asset and wealth management, and green and sustainable finance. These areas, Mr Chan said, provide diverse investment offerings for investors and enterprises in the Middle East, and providing financial support to regional economic development and green transformation.

"Clearly, Hong Kong is an ideal platform for Saudi and Middle Eastern green and sustainable projects looking to access funds in our part of the world," Mr Chan said.

Hashtag: #hongkong #brandhongkong






The issuer is solely responsible for the content of this announcement.

Business News

How to Find the Right Lawyers in Melbourne for Your Legal Matter

When faced with a legal issue, finding the right lawyers in Melbourne can be the difference between a smooth resolution and a stressful ordeal. Whether you’re a business owner, a family in transitio...

Hashtag.net.au - avatar Hashtag.net.au

The Role of Mining Equipment Suppliers in Driving the Industry Forward

Mining is one of the most essential sectors for global economic growth, providing raw materials for construction, energy production, manufacturing, and technology. Behind the scenes, mining equipmen...

Hashtag.net.au - avatar Hashtag.net.au

Security Industry Transformation Through Advanced VR Training

Australia's security industry, protecting everything from shopping centres to critical infrastructure, faces increasingly complex challenges requiring sophisticated interpersonal skills alongside tr...

Hashtag.net.au - avatar Hashtag.net.au

Commercial Timber: A Sustainable Future for Construction?

In the world of construction, where materials are constantly scrutinised for their environmental impact and long-term viability, the spotlight is increasingly turning towards timber. But not just an...

Hashtag.net.au - avatar Hashtag.net.au

How Data Cabling Powers Your Business: An Explainer

In today's fast-paced business environment, reliable and efficient communication is paramount. At the heart of this communication lies something often overlooked but utterly essential: the network o...

Hashtag.net.au - avatar Hashtag.net.au

Rubbish Removals That Make Life Easier and Spaces Cleaner

Modern life comes with a lot of waste—both literal and metaphorical. Old appliances, broken furniture, yard debris, outdated electronics, and general clutter often build up faster than expected. Tha...

Hashtag.net.au - avatar Hashtag.net.au

Health & Wellness

Why Regular Visits to a Trusted Dentist Matter More Than You Think

Hashtag.net.au - avatar Hashtag.net.au

Seeing a dentist is often associated with pain or emergency situations. However, routine dental visits play a much larger role in maintaining not only oral health but your overall wellbeing. Whether...

5 Signs Your Loved One Might Benefit from In-Home Therapy Support

Hashtag.net.au - avatar Hashtag.net.au

Living with a disability or health condition can present daily challenges, especially when accessing regular therapy support outside the home. That’s why many individuals and their families are turn...

Connecting You to Community: The Role of Your NDIS Disability Services Provider in Inclusion

Hashtag.net.au - avatar Hashtag.net.au

(Source)When discussing disability services, it is tempting to focus on the practical aspects, such as daily routines, mobility aids, and support workers. However, after all that, there is another thi...