The move comes on the heels of efforts by Beijing and Hong Kong to deepen ties with Arab countries.
The Saudi Capital Market Authority announced its decision approving Albilad Investment Company’s request to offer units of the “Albilad C-Sub MSCI Hong Kong and China Shares ETF” on the market as units of an exchange-traded index fund whose units are offered in a public offering.
According to the statement, the terms and conditions of the “Al Bilad C-Sub MSCI Hong Kong and China Shares ETF” can be obtained on the fund manager’s website and the Capital Market Authority’s website, which contains the information and data that the investor needs to review before making a decision to invest or not.
Last November, Hong Kong launched Asia’s first exchange-traded fund (ETF) tracking Saudi stocks, and has been aggressively pursuing cross-listing opportunities on both capital markets.
The Hong Kong-listed fund has grown to about $1.28 billion.
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