Hong Kong aims to deepen partnership with Saudi Arabia: Minister

Hong Kong finance chief Paul Chan said the city seeks to strengthen its partnerships with the Middle East, especially Saudi Arabia.

During his participation in the Capital Markets Forum, attended by Argaam, Chan referred to growing cooperation with Riyadh, Abu Dhabi, and Dubai in the fields of dual listings and the development of Shariah-compliant financial products.

He highlighted ongoing efforts to connect Middle Eastern companies with global financing opportunities through the Stock Exchange of Hong Kong, adding that the city aims to support Saudi Arabia’s Vision 2030 through partnerships in infrastructure, professional services, and Islamic finance.

Hong Kong's financial markets raised nearly HKD 76 billion ($9.7 billion) through initial public offerings year to date, representing nearly 90% of the total funds raised in 2024.

Chan also indicated that the launch of the first Exchange-Traded Fund (ETF) for government sukuk is a major milestone in this direction, stressing that Hong Kong can become a global hub for Islamic finance, thanks to a flexible regulatory environment and advanced financial services.

Hong Kong continues to rely on openness and competitiveness in global supply chains, Chan said.

He confirmed that the linked exchange rate system between the Hong Kong dollar and the US dollar will remain unchanged, noting that the city provided stability and confidence for more than four decades, with no intention to change it despite international economic challenges.