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.



Saudi Arabia, Canada Discuss Smart Industrial Cities

The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
TT

Saudi Arabia, Canada Discuss Smart Industrial Cities

The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has discussed with Canadian government ministers ways to bolster industrial and mining cooperation between the two countries, opportunities for developing industrial innovation, and building an effective partnership to establish smart industrial cities in the Kingdom by leveraging Canadian expertise.

During his meeting with Canadian Minister of Innovation, Science and Industry François-Philippe Champagne, and accompanied by National Industrial Development Center Chief Executive Saleh AlSulami, Alkhorayef underscored the Kingdom's commitment to benefiting from the applications of the Fourth Industrial Revolution, particularly artificial intelligence (AI) and robotics, to develop the industrial sector and create added value, while improving production efficiency in industrial facilities.

Meeting participants discussed enhancing cooperation in the field of industrial digitization, utilizing AI technologies to improve industrial processes, and exploring opportunities for collaboration in building smart industrial cities in the Kingdom, benefiting from Canadian advancements in digital infrastructure.

The two sides also discussed collaboration between the Kingdom and Canada in the field of innovation, including the partnership between the Saudi Ministry of Education and Metax, a Canadian research organization funded by the Ministry of Innovation, Science and Industry with a focus on providing joint research opportunities for graduate and doctoral students in both countries.

During a meeting with Canadian Minister of International Development Ahmed Hussen, Alkhorayef discussed ways to enhance economic relations and non-oil trade between the two countries, given the fact that the Kingdom is the largest trading partner for Canada in the Middle East and North Africa. The ministers reviewed the role of industrial development globally in advancing communities, increasing their well-being, and improving individuals' living standards.

Alkhorayef and Canada's Mining Industry Human Resources Council (MIHR) executive director Ryan Montpellier discussed opportunities to benefit from council's expertise in workforce human capabilities development strategies in the mining sector.

The meetings held by the Minister of Industry and Mineral Resources with Canadian ministers are part of his visit to Canada, aimed at strengthening industrial and mining cooperation between the two countries, exploring mutual opportunities in both sectors, and attracting foreign investments to the Kingdom.