CSOP Saudi Arabia ETF debuts in Hong Kong under CSOP Asset Management

29/11/2023 Argaam
The Kingdom of Saudi Arabia's flag

The Kingdom of Saudi Arabia's flag

Hong Kong-based CSOP Asset Management started today, Nov. 29, managing the new exchange-traded fund (ETF) tracking Saudi equities, the CSOP Saudi Arabia ETF, Reuters reported. 

 

The fund tracks the performance of the FTSE Saudi Arabia Index, whose 56 constituents' total market value reached $276.8 billion at the end of October. 

 

Through the ETF, investors in Hong Kong will be able to trade Saudi stocks, including the oil giant Saudi Aramco and Saudi National Bank (SNB), in Hong Kong dollars or Chinese yuan. 

 

"Today is a milestone in our financial cooperation with Saudi Arabia," said Hong Kong Financial Secretary Paul Chan, adding that "it makes it possible for mass investors in our part of the world to invest and participate in the development of the Saudi Arabia's economy.” 

 

“We can expect to see more products to be made available in both the Hong Kong and the Saudi markets for our respective investor bases,” he added. 

 

The CSOP Saudi Arabia ETF counts the Saudi sovereign wealth fund, the Public Investment Fund (PIF), as an anchor investor, said Yazeed Alhumied, PIF Deputy Governor. 

 

"The fund will offer a unique opportunity to investors to gain exposure to our fast-growing economy," he added.

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