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Hong Kong Exchanges and Clearing Limited (HKEX) will open an office in Riyadh in 2025, marking the exchange group's first physical presence in the Middle East as it seeks to strengthen capital market connections between China and the Gulf region.
The move follows several strategic initiatives by HKEX in the Middle East, including the recent addition of the Saudi Exchange, Abu Dhabi Securities Exchange, and Dubai Financial Market to its list of Recognised Stock Exchanges, enabling companies from these markets to seek secondary listings in Hong Kong.
HKEX Chief Executive Officer Bonnie Y Chan said: "We are delighted to be opening a Middle East office in Riyadh, marking the first step in elevating our presence across this vibrant and fast-growing region. 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. As investment ties between the Middle East and Asia grow stronger, Hong Kong and HKEX's roles in connecting capital and opportunities between these regions have become more important than ever. Joining our offices in Beijing, London, New York, Shanghai, and Singapore, the new Riyadh office will enable us to foster greater global coverage and facilitate access for Middle East clients to Asia's most international, diverse and liquid capital markets in Hong Kong."
The announcement comes as two ETFs tracking Hong Kong-listed equities launched this week on the Saudi Exchange, following the listing of Asia's first Saudi-focused ETF in Hong Kong last year. HKEX has also signed a memorandum of understanding with Saudi Tadawul Group to explore collaboration in cross-listings, exchange products and ESG initiatives.
The exchange operator's London Metal Exchange subsidiary has already established a presence in the region, having approved a warehouse delivery point for copper and zinc in the Saudi port city of Jeddah.
HKEX, which positions itself as a "superconnector" between East and West through initiatives like the Stock Connect programmes with mainland China, is listed on its own exchange under the stock code 388.
