Hong Kong Exchanges and Clearing Limited (HKEX) announced plans on Wednesday to open an office in Riyadh next year, signaling a strategic push into the Middle Eastern market.
The announcement was made at the 8th Future Investment Initiative (FII) conference, where HKEX Chairman Carlson Tong emphasized the significance of the Middle East as an emerging economic powerhouse.
Tong emphasized that HKEX’s presence in Riyadh will not only strengthen economic ties between the Middle East and Hong Kong but also enhance the exchange’s role in connecting the region with global markets, especially China, the world’s second-largest economy.
"We understand today, listening to some of the speakers, that the 2030 division involves sustainability, innovation, and also opening up to reaching out to investors in the outside world. So I think Hong Kong is in that position to do it that way – (as an) international financial center. We can connect the Middle East with China, which is the second-largest economy in the world. So we believe that Hong Kong has a role to play, and we can work with the Middle East and in Riyadh and share our knowledge. And we are also into innovation technology. In fact, at the Hong Kong stock exchange, we have listed 331 new economy companies in the last few years, and we raised 120 billion U.S. dollars," he said.
As China continues to open its capital markets to the world, Tong highlighted HKEX’s unique role in bridging global and Chinese markets, supported by the Connect Scheme, which marks its tenth anniversary this year.
"I think as the stock exchange we want to maintain that status and do everything we can to demonstrate Hong Kong is an international financial center. We are the only such exchange in the world that has that position within our country, which is the second largest economic power in the world. So Hong Kong is very lucky, very blessed. And incidentally, the Connect Scheme, which I just mentioned northbound and southbound, this is the 10th year anniversary, " Tong said.
The three-day conference concluded on Thursday under the theme 'Infinite Horizons: Investing Today, Shaping Tomorrow.
Dubbed "Davos in the Desert," the FII conference is the Middle East's largest international investment and innovation forum, drawing numerous political and business leaders each year.
Hong Kong stock exchange to open office in Riyadh
