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Asia's first-ever Saudi Arabia exchange-traded fund (ETF) will be listed in Hong Kong on November 29, Xinhua News Agency reported on Monday.
Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said on Sunday in his blog that investors will be able to trade the constituent stocks of the Saudi stock market directly in the Hong Kong market through the ETF in Hong Kong dollar or renminbi (RMB), including oil company Saudi Aramco, the report said.
The ETF has the largest assets of its kind in the world, it added.
Chan said that in the past two months, the Hong Kong Exchanges and Clearing Limited (HKEX) has added Saudi Exchange and Indonesian Stock Exchange as recognized stock exchanges, allowing companies listed on these exchanges to be listed in Hong Kong for the second time, the report said.
Saudi Exchange brings together large energy, industrial and medical sectors in the Middle East, while the Indonesia Stock Exchange is a fund-raising place for high-quality and innovative enterprises in Southeast Asia, Chan said.
(Writing by Brinda Darasha; editing by Seban Scaria)
