Hong Kong's exchange operator plans to open an office in Riyadh in 2025 as it looks to strengthen its presence in the Middle East as part of efforts to foster connectivity between the region and China.

The Riyadh office will help the exchange connect with investors and companies in the Middle East, facilitating their access to Hong Kong's financial products, Hong Kong Exchanges and Clearing said in a statement.

"This underscores our 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," HKEx chief executive Bonnie Chan said.

The move follows other steps HKEx has taken to collaborate with the Middle East, including signing a memorandum of understanding with the Saudi Tadawul Group and adding the Saudi Exchange, Abu Dhabi Securities Exchange, and Dubai Financial Market to HKEx’s list of recognised stock exchanges. Additionally, the listing of two ETFs tracking Hong Kong-listed equities on the Saudi Exchange this week further strengthens capital market connectivity between Hong Kong and Saudi Arabia, HKEx said.

Source: IFR