Saudi Stock Exchange (Tadawul) to Model Reforms After Hong Kong Exchange Practices

The Saudi Tadawul Group is taking cues from the Hong Kong Exchanges and Clearing (HKEX) as it aims to enhance its stature in the global capital markets arena.

Nayef Al-Athel, the group’s chief sales and marketing officer, emphasized the significance of HKEX’s approaches as benchmarks for Saudi Arabia’s market reforms.

Al-Athel noted that his experiences and observations from frequent visits to Hong Kong have greatly informed Tadawul’s strategies, particularly admiring HKEX’s methods in managing initial public offerings and regulating secondary offerings.

Tadawul Group Eyes Global Reach by Partnering with Hong Kong Stock Exchange

During the Capital Markets Forum held at the Hong Kong Stock Exchange on May 9, 2024, Nayef Al-Athel, Chief Sales and Marketing Officer of the Saudi Tadawul Group, discussed how open and beneficial their collaboration with the Hong Kong exchange has been.

Al-Athel emphasized the significance of learning from the Hong Kong exchange’s prior experiences to bridge Eastern and Western markets effectively.

He expressed confidence that partnering with Hong Kong is crucial for executing their strategy to become a global connector in the capital markets.

Key Points:

• Tadawul Group’s strategy includes bridging East and West.
• Hong Kong Stock Exchange identified as a crucial partner.
• Forum held on May 9, 2024, at Connect Hall, Hong Kong.

Hong Kong Re-emerges as a Global Investment Hub Following New Policies and International Collaborations

Bonnie Chan, CEO of HKEX, highlighted that Hong Kong is regaining attention from global investors following the China Securities Regulatory Commission’s recent decision to enable major Chinese companies to list in the city. This development is part of the broader economic and political news essential to understanding China’s landscape today.

The partnership between Hong Kong and Saudi Arabia has strengthened notably since the visit of Hong Kong Chief Executive John Lee Ka-chiu to Riyadh in February 2023. Notable outcomes of this enhanced collaboration include the listing of the CSOP Saudi Arabia ETF in Hong Kong and joint initiatives in fintech, cross-listings, and ESG disclosures between HKEX and Tadawul. Additionally, Hong Kong’s monetary authorities have begun cooperation with the Saudi central bank.

Key Points:

• Hong Kong attracts global investors with new Chinese company listings.
• Strengthened Hong Kong-Saudi relations post-February 2023 visit.