Hong Kong furthers efforts in financial connectivity with the Middle East with the introduction of an exchange-traded fund focused on Saudi Arabia.
CSOP Asset Management launched an exchange-traded fund (ETF) last week focused on Saudi Arabia. The ETF will track the performance of the FTSE Saudi Arabia Index and be tradable in Hong Kong dollars or Chinese yuan.
According to Hong Kong financial secretary Paul Chan, this is the first ETF of its kind in Asia and it marks yet another example of efforts to further financial connectivity between the city and Saudi Arabia, adding that he is looking forward to more cooperation on financial products with the Gulf nation.
Other examples of strengthened linkages between Hong Kong and Saudia Arabia include the ability for companies listed in the in the latter’s stock exchange to apply for secondary listings in the former’s exchange.
