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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)
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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.

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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo

The United States imposed new sanctions on Russia's Gazprombank on Thursday, the Treasury Department said, as President Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before he leaves office in January.
The move, which wields the department's most powerful sanctions tool, effectively kicks Gazprombank out of the US banking system, bans its trade with Americans and freezes its US assets, Reuters reported.
Gazprombank is one of Russia's largest banks and is partially owned by Kremlin-owned gas company Gazprom. Since Russia's invasion in February 2022, Ukraine has been urging the US to impose more sanctions on the bank, which receives payments for natural gas from Gazprom's customers in Europe.
The fresh sanctions come days after the Biden administration allowed Kyiv to use US ATACMS missiles to strike Russian territory. On Tuesday, Ukraine fired the weapons, the longest range missiles Washington has supplied for such attacks on Russia, on the war's 1,000th day.
The Treasury also imposed sanctions on 50 small-to-medium Russian banks to curtail the country's connections to the international financial system and prevent it from abusing it to pay for technology and equipment needed for the war. It warned that foreign financial institutions that maintain correspondent relationships with the targeted banks "entails significant sanctions risk."
"This sweeping action will make it harder for the Kremlin to evade US sanctions and fund and equip its military," Treasury Secretary Janet Yellen said. "We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine."
Gazprombank said Washington's latest move would not affect its operations. The Russian embassy in Washington did not respond to requests for comment.
Along with the sanctions, Treasury also issued two new general licenses authorizing US entities to wind down transactions involving Gazprombank, among other financial institutions, and to take steps to divest from debt or equity issued by Gazprombank.
Gazprombank is a conduit for Russia to purchase military materiel in its war against Ukraine, the Treasury said. The Russian government also uses the bank to pay its soldiers, including for combat bonuses, and to compensate the families of its soldiers killed in the war.
The administration believes the new sanctions improve Ukraine's position on the battlefield and ability to achieve a just peace, a source familiar with the matter said.
COLLATERAL IMPACT
While Gazprombank has been on the administration's radar for years, it has been seen as a last resort because of its focus on energy and the desire to avoid collateral impact on Europe, a Washington-based trade lawyer said.
"I think that the current administration is trying to put as much pressure and add as many sanctions as possible prior to January 20th to make it harder for the next administration to unwind," said the lawyer, Douglas Jacobson.
Officials in Slovakia and Hungary said they were studying the impacts of the new US sanctions.
Trump would have the power to remove the sanctions, which were imposed under an executive order by Biden, if he wants to take a different stance, Jacobson said.
After Russia's invasion in 2022, the Treasury placed debt and equity restrictions on 13 Russian firms, including Gazprombank, Sberbank and the Russian Agricultural Bank.
The US Treasury has also worked to provide Ukraine with funds from windfall proceeds of frozen Russian assets.