As part of further intensifying its business ties with the Middle East, the Hong Kong Exchanges and Clearing Limited (HKEX) on Wednesday announced its plans to open an office in Riyadh in 2025.
The new office will strengthen HKEX’s Middle East presence as the Group looks to promote greater connectivity between China and the Gulf region, aiming to facilitate new opportunities for its customers and issuers around the world.
Situated in Saudi Arabia’s economic powerhouse and a leading financial hub in the region, the new Riyadh office will enable HKEX to better connect with investors and companies in one of the world’s most dynamic and innovative economic hubs, providing on-the-ground support to help them access Hong Kong’s broad and diverse financial products ecosystem, as well as to capture the opportunities arising from megatrends that define Asia’s growth story.
HKEX Chief Executive Officer Bonnie Y Chan said that opening a Middle East office in Riyadh marks the first step in elevating HKEX’s presence across this vibrant and fast-growing region.
This underscores HKEX’s strategic commitment to promoting greater capital market connections between China and the Middle East, whilst supporting the ambitions of our broad range of customers from the region and around the world, he said.
“As investment ties between the Middle East and Asia grow stronger, Hong Kong and HKEX’s roles in connecting capital and opportunities between these regions have become more important than ever. Joining our offices in Beijing, London, New York, Shanghai, and Singapore, the new Riyadh office will enable us to foster greater global coverage and facilitate access for Middle East clients to Asia’s most international, diverse and liquid capital markets in Hong Kong,” Chan added.
HKEX in Middle East
HKEX has made significant progress in its engagements in the Middle East, with meaningful collaboration and partnerships in the recent past and they included signing a Memorandum of Understanding with the Saudi Tadawul Group in 2023, welcoming Asia first and the world’s biggest Saudi-focused Exchange-Traded Fund (ETF), and adding the Saudi Exchange, Abu Dhabi Securities Exchange (ADX), and Dubai Financial Market to (DFM) to HKEX’s list of Recognised Stock Exchanges.
These initiatives demonstrate HKEX’s commitment to fostering collaboration and enhancing market accessibility between China and the Middle East, Chan said.
Additionally, the listing of two ETFs tracking Hong Kong-listed equities this week on the Saudi Exchange marked a significant milestone in the capital market connectivity between Hong Kong and Saudi Arabia, and builds on the listing of the first Saudi-focused ETF in Hong Kong last November.
HKEX also brought the first FII PRIORITY Asia and Capital Markets Forum (CMF) to Hong Kong to connect investors and corporates between the two regions.
The MOU with Saudi Tadawul Group (STG) is to explore collaboration in cross listings, exchange products and ESG, while adding the GCC regions bourses to the list of Recognised Stock Exchanges, is aimed at opening the door for Middle Eastern companies to seek secondary listings in Hong Kong.
The London Metal Exchange, a subsidiary of HKEX, approved a warehouse delivery point for copper and zinc in the Red Sea port city of Jeddah.
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