Analysts believe this visit will strengthen cooperation between the HKSAR and the Middle East across various areas, reinforcing Hong Kong's role as a global financial and commercial hub.
The delegation includes over 110 members, consisting of leaders or representatives from the Belt and Road Office, the Hong Kong Monetary Authority, the Securities and Futures Commission, Hong Kong Exchanges and Clearing Ltd, and the Hong Kong Science and Technology Parks Corp, among others, according to a press release from the HKSAR government.
The delegation will participate in the listing ceremonies for the first two exchange-traded funds (ETFs) linked to Hong Kong stock indices on the Saudi Exchange, which are set to launch in late October. Chan noted that witnessing this launch is a key highlight of the visit, indicating that local investors will "easily invest in the Hong Kong stock market by trading locally listed ETFs within a familiar trading and regulatory environment."
This launch follows the introduction of Asia's first and the world's largest Saudi Arabia-focused ETF, which debuted on the Hong Kong stock exchange in November 2023.
Observers expect the introduction of more financial products that promote capital flow, bringing additional investments from the Middle East to the Hong Kong market. This will also enhance the concept of financial connectivity under the Belt and Road Initiative (BRI).
Liang Haiming, chairman of the Hong Kong-based China Silk Road iValley Research Institute, mentioned to the Global Times on Sunday that there is significant potential for collaboration in various financial sectors, such as digital payments and blockchain technology, as well as in developing green fintech products.
According to Chan, another objective of the visit is to accelerate and deepen partnerships in innovation and technology. The Hong Kong Science and Technology Parks Corp will bring more than 20 tech start-ups to conduct roadshows in Saudi Arabia during the trip.
