The Hong Kong Exchanges and Clearing (HKEX) and the Saudi Tadawul Group have signed a memorandum of understanding (MoU) to explore potential partnerships around fintech, ESG and cross-listings. The signing took place during a state visit to Saudi Arabia and the UAE by HKEX chief executive Lee Ka-chiu who described the MoU as evidence that Hong Kong and Saudi Arabia are “entering a new level of cooperation”. The partnership comes on the back of several bilateral agreements struck by HKEX as it looks to attract more international investors. The Tadawul Group has been similarly active in terms of developing its offering via new products and international partnerships as part of its ambition to establish itself as an investment hub between East and West. “The Kingdom of Saudi Arabia, and the broader Middle Eastern region, are one of the world’s most dynamic and exciting economic and innovation hubs and also home to some of the fastest growing investor groups in the world”, said Nicolas Aguzin, HKEX chief executive. “Hong Kong and HKEX’s markets offer significant opportunities for international investors and companies, including unrivalled connectivity to the mainland Chinese markets through our unique Connect programmes”. ©2023 funds global asia