Cathay Pacific Airways is expected to relaunch direct passenger flights between Hong Kong and Riyadh.
Saudi Arabia and Hong Kong are studying the possibility of establishing ETF It tracks the region’s indicators, said Michael Wong, deputy financial secretary of the Hong Kong SAR government, on Thursday.
Wong added that the Hong Kong government is currently working with several financial institutions to develop an exchange-traded fund.
This announcement came on the sidelines of an event organized by the group Saudi Arabia trading, the company that owns the Saudi Stock Exchange, and the Hong Kong Exchange and Clearing Company Limited.
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Wong also affirmed Hong Kong’s commitment to its partnership with Saudi Arabia, expecting Cathay Pacific Airways to relaunch direct passenger flights between Hong Kong and Riyadh.
He stated that flights are expected to resume in the last quarter of this year, with future flight time reduced to six hours.
Wong also pointed to recent negotiations with the Saudi government and mutual market access with the mainland, saying this will make it easier for Saudi companies to access Chinese capital.
He continued, “The friendship and partnership between Hong Kong and Saudi Arabia will go much further and will stand the test of time.”
In the past few years, Hong Kong has begun communicating with the Middle East, including Saudi Arabia, in an effort to strengthen relations and increase investment opportunities in light of the ongoing tension between China and Western countries.
Last year, a new ETF tracking Saudi stocks was listed in Hong Kong, becoming the first product of its kind in Asia.
