Hong Kong is turning to oil-rich Saudi Arabia for new funds to help offset a growing list of challenges facing its stock market.
The Saudi Tadawul Group and Hong Kong Exchanges & Clearing are co-organizing a conference Thursday at a very opportune time given the city needs fresh stock listings and fund inflows to boost its status as a financial hub. While Hong Kong stands to benefit from the forum, it will also involve an army of Saudi company officials seeking more exposure to Asian investors.
¡°There is strong political will that is pushing for this relationship between China and Gulf countries,¡± said Edmond Christou, an analyst at Bloomberg Intelligence in Dubai, who recently met with investors and companies in Hong Kong, Shanghai and Beijing. ¡°When you talk to businesses in China, you hear that clients are interested in investing in the Middle East. They are looking for ways to make that happen.¡±
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