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Saudi Arabia Approves First ETFs Tracking Hong Kong-listed Equities 

Saudi Arabia Approves First ETFs Tracking Hong Kong-listed Equities 
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Saudi Arabia Approves First ETFs Tracking Hong Kong-listed Equities 

Saudi Arabia Approves First ETFs Tracking Hong Kong-listed Equities 

Saudi Arabia has granted approval for its first exchange-traded funds (ETFs) tracking equities listed in Hong Kong on Tuesday, the Capital Market Authority (CMA) said, marking the debut of such a product in the Middle East.

Saudi Arabia's CMA said in a statement it approved local asset manager AlBilad Investment Company's request to offer "Albilad CSOP MSCI Hong Kong China Equity ETF" units on the Saudi Stock Exchange (Tadawul).

The ETF is a collaborative effort with Hong Kong's CSOP Asset Management, and focused on Hong Kong-listed companies including Chinese firms traded in the city.

Last November, Hong Kong launched Asia's first ETF tracking Saudi equities - CSOP Saudi Arabia ETF - and has been actively seeking cross-listing opportunities in both capital markets.

The Hong Kong-listed ETF's size has expanded to nearly HK$10 billion ($1.28 billion).

In June, Julia Leung, CEO of Hong Kong's Securities and Futures Commission (SFC), visited Saudi Arabia to meet officials and discuss the potential listing of the ETFs on each other's exchanges.

China also approved its first two mainland listed ETFs tracking Hong Kong's CSOP Saudi Arabia ETF in June, seeking to further strengthen financial sector cooperation between the two regions and provide Chinese investors exposure to Middle East companies.

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Oman’s Commerce Minister: Omani-Saudi Trade, Economic Ties Witness Significant Growth

General view of Riyadh. SPA
General view of Riyadh. SPA
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Oman’s Commerce Minister: Omani-Saudi Trade, Economic Ties Witness Significant Growth

General view of Riyadh. SPA
General view of Riyadh. SPA

Omani Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammad Al-Yousef has said that trade and economic relations between Oman and Saudi Arabia are experiencing significant growth, reflecting the strength of the fraternal and historical ties between the two countries.

During a news conference organized by the Omani Ministry of Information under the theme "Oman and the World," Al-Yousef explained on Thursday that joint projects reflect the efforts made to enhance economic cooperation between the two nations, particularly in areas that support trade exchange, regional economic development and expanding cooperation in fields such as energy, industry, technology, and tourism.

He highlighted Saudi Arabia’s efforts in opening the land route linking the Kingdom to Oman, which represents a qualitative leap in enhancing bilateral trade movement. It has facilitated the mobility of both companies and citizens and boosted tourism and public communication, alongside supporting both nations’ efforts to achieve economic integration through building advanced infrastructure, he said.

"Saudi-Omani relations are strong and prosperous, witnessing growth in all areas. We are confident that the continued cooperation between us will yield strategic gains that serve the interests of both countries in the commercial, industrial, or tourism sectors,” the minister said.

He also pointed out that Saudi Arabia has made significant strides in developing the industrial sector and modernizing the logistical infrastructure, which opens new horizons for joint cooperation, especially in areas related to industrial integration and investment in major projects.

He highlighted the recent visit by Saudi Minister of Commerce Majid Al-Kassabi to Oman, where he discussed several initiatives that both sides aim to implement in the near future, as well as opportunities to launch joint projects between the private sectors of both countries, particularly in industrial fields.

Al-Yousef stressed the Saudi-Omani relationship serves as a model for Arab economic cooperation, and that the future holds many opportunities to strengthen this cooperation at all levels.