Cici Cao Geopolitical tensions in the Middle East offer opportunities to tap as investors used to investing in the United States and Europe mainly become optimistic about securing better returns in Hong Kong and other parts of Asia, Financial Secretary Paul Chan Mo-po said yesterday. Chan made the remark as he led a delegation of representatives from the finance, innovation and technology sectors to leave for Saudi Arabia for four days of visit during which he is also expected to strengthen ties with the Middle East. One of the highlights during the trip is to witness the listing of two exchange-traded funds that track Hong Kong stocks on the Saudi Arabian Exchange, Chan said.
The two ETFs invest in Hong Kong-listed ETFs which are Csop Msci HK China Connect Select ETF (3432) and the Tracker Fund of Hong Kong (2800). The size of the Csop Saudi Arabia ETF (2830), the first ETF to track Saudi stocks listed in Hong Kong, exceeded HK$7.7 billion last year while The Tracker Fund's size was HK$7.
7 billion. Meanwhile, China Information Technology Development (8178) is looking into a possible dual listing on the Abu Dhabi Securities Exchange or the Nasdaq Dubai under Dubai Financial Market in the United Arab Emirates. The company believes a dual listing would render access to the securities markets in the UAE and enhance its position in the wider GCC market.
In a related development, the Rosewood Hotel Group under Chow Tai Fook plans to open a 250-room hotel in the Saudi capital Riyad.