Business
Saudi Arabia Greenlights First ETFs Tracking Hong Kong-Listed Equities: A Pioneering Move in Middle East Capital Markets
Saudi Arabia has given the green light for the first exchange-traded funds that track stocks listed in Hong Kong. The country's Capital Market Authority (CMA) has granted permission to AlBilad Investment Company to list units of "Albilad CSOP MSCI Hong Kong China Equity ETF" on the Saudi Stock Exchange.
The Capital Market Authority (CMA) announced that Saudi Arabia has given the green light for its inaugural exchange-traded funds (ETFs) that monitor stocks listed in Hong Kong. This marks the introduction of such a financial instrument in the Middle East.
This action comes as both Beijing and Hong Kong strive to strengthen their relationships with Arab nations, amid rising conflicts with Western countries.
The Capital Market Authority (CMA) of Saudi Arabia has confirmed in a declaration that they have authorized the AlBilad Investment Company's appeal to list "Albilad CSOP MSCI Hong Kong China Equity ETF" units on the Saudi Stock Exchange, also known as Tadawul. The regulatory body, however, has not provided any information regarding the timeframe of the fund's introduction.
The ETF represents a joint venture with CSOP Asset Management in Hong Kong, and it concentrates on companies listed in Hong Kong, including Chinese businesses traded in the city.
In November of the previous year, Hong Kong introduced Asia's inaugural ETF that monitors Saudi stocks, known as CSOP Saudi Arabia ETF. It has been vigorously pursuing chances to cross-list in both financial markets.
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