(MENAFN) During a statement issued on Thursday, Michael Wong, the Deputy Financial Secretary of the Hong Kong Special Administrative Region (SAR) government, revealed that discussions are underway regarding the establishment of an exchange-traded fund (ETF) that would track indices within the region. Wong elaborated that the Hong Kong government is currently collaborating with various financial institutions to advance the development of this ETF, signaling a potential new avenue for investment opportunities in the market.
This announcement emerged in the context of an event hosted by the Saudi Tadawul Group, the entity that oversees the Saudi Stock Exchange, in partnership with the Hong Kong Exchange and Clearing Company Limited. Such collaborations underscore the growing interest in fostering financial ties between Hong Kong and Saudi Arabia, aiming to capitalize on the respective strengths of both markets.
In his statement, Wong reiterated Hong Kong's steadfast commitment to its partnership with the Kingdom, citing the forthcoming relaunch of direct passenger flights between Hong Kong and Riyadh operated by Cathay Pacific Airways. Anticipated to resume operations in the last quarter of the year, these flights are expected to significantly reduce travel time, offering enhanced connectivity between the two regions.
Moreover, Wong highlighted recent discussions with the Saudi government regarding mutual market access, emphasizing the potential benefits for Saudi companies seeking to access Chinese capital. This development aligns with broader efforts to facilitate cross-border investment and strengthen economic cooperation between Hong Kong and Saudi Arabia, positioning both regions for mutual growth and prosperity.
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