HKEX CEO to Asharq Al-Awsat: Significant Opportunities Present in Saudi Market

Nicolas Aguzin (Asharq Al-Awsat)
Nicolas Aguzin (Asharq Al-Awsat)
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HKEX CEO to Asharq Al-Awsat: Significant Opportunities Present in Saudi Market

Nicolas Aguzin (Asharq Al-Awsat)
Nicolas Aguzin (Asharq Al-Awsat)

Saudi Arabia is currently undergoing a comprehensive developmental phase, which has created numerous investment opportunities, said Nicolas Aguzin, the CEO of Hong Kong Exchanges and Clearing (HKEX).

This has prompted the exploration of these opportunities and the fostering of closer economic ties, in addition to aiding companies in their growth and development, Aguzin told Asharq Al-Awsat.

Riyadh, being an important market in the Middle East and North Africa, plays a pivotal role in this endeavor.

China continues to be a crucial trading partner for the Kingdom, with exports reaching SAR 13.7 billion ($3.6 billion) in June of the previous year, constituting 15.5% of total exports. Both nations are witnessing rapid movements in expanding their economic and investment relations.

Aguzin pointed out that Asian companies have a significant opportunity to enter the Saudi market, as Hong Kong endeavors to connect global markets and serves as the most internationally linked market with China.

Additionally, the Shanghai-Hong Kong Stock Connect allows investors from both Shanghai and Hong Kong to seamlessly invest in both markets.

“Saudi Arabia has many distinguished companies, particularly in the energy sector, representing significant investment opportunities for investors from China and Asia,” explained Augzin.

“Furthermore, Saudi Arabia is making substantial investments in its Public Investment Fund (PIF) to diversify its economy, and there are many appealing companies in Asia that can be accessed through Hong Kong,” he added.

“Therefore, it is about facilitating the growth of both Beijing and Riyadh simultaneously,” noted the CEO.

According to Aguzin, Saudi Arabia and Hong Kong have launched a carbon trading market, and both markets have an interest in ensuring that companies participating in both markets can transition towards carbon neutrality effectively.



Starbucks Workers Expand Strike in US Cities Including New York

Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
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Starbucks Workers Expand Strike in US Cities Including New York

Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)

Starbucks workers have expanded their strike to four more US cities, including New York, the union representing over 10,000 baristas said late on Saturday.

The five-day strike, which began on Friday and initially closed Starbucks cafes in Los Angeles, Chicago and Seattle, has added New Jersey, New York, Philadelphia and St. Louis, Workers United said in a statement. It did not say where the New Jersey walkout was occurring.

Starbucks did not immediately respond to a request for comment outside regular business hours.

Talks between the coffee chain and the union hit an impasse with unresolved issues over wages, staffing and schedules, leading to the strike.

The union is striking in 10 cities, also including Columbus, Denver and Pittsburgh, during the busy holiday season that may impact the company's Christmas sales.

Workers United warned on Friday that the strike could reach "hundreds of stores" by Tuesday, Christmas Eve.

Starbucks began negotiations with the union in April. It said this month it had conducted more than eight bargaining sessions, during which 30 agreements had been reached.

The company operates more than 11,000 stores in the United States, employing about 200,000 workers.