Hong Kong is in the process of developing an exchange-traded fund in collaboration with Saudi Arabia, aimed at tracking Hong Kong’s local stock indices, said Michael Wong, Deputy Financial Secretary of Hong Kong. This initiative aims to strengthen economic relations not only between Hong Kong and Saudi Arabia but also with mainland China. Plans include establishing an economic and trade office in Riyadh to bolster ties further.
The ETF initiative follows Hong Kong’s November 2023 launch of an ETF tracking the Saudi Arabia Index. Cathay Pacific Airways will also commence direct flights from Hong Kong to Riyadh by the end of 2024, reducing flight time to six hours and further enhancing connectivity between the regions. This collaboration underscores the deepening partnership between the two economies and is expected to open new doors for mutual investment and trade opportunities.