Hong Kong eyes Saudi Aramco as financial hub

Hong Kong Chief Executive John Lee Ka-chiuLee Ka-chiu meets Saudi Aramco President and Chief Executive Amin H Nasser second left at the LEAP 2023 technology conference on February 6, 2023. PHOTO HKSAR GOVERNMENT Hong Kong Special Administrative Region Chief Executive John Lee Ka-chiuLee Ka-chiu is hoping to attract Saudi Arabia's state-owned oil giant Aramco to list in the Asian financial center, in a bid to promote financial cooperation and development between the two territories.

During his attendance at the LEAP Tech Conference in Saudi Arabia on Monday, Lee met with Saudi Aramco President and CEO Amin H. Nasser to introduce Hong Kong's unique advantages as one of the world's leading international financial hubs, encouraging the oil giant and its units to participate in cooperation with Hong Kong at different levels.

Hong Kong is back in touch with the international scene. There will no longer be restrictions on pandemic prevention. Lee said that the city looks forward to more innovative companies locating in the financial center and welcomes investment from all over the world.

The SAR government has introduced a series of new rules for startups, such as allowing those with not achieved profits to list in Hong Kong. Aramco listed its home market Tadawul in December 2019. Prior to the listing, the company had been considering issuing more shares through a secondary listing in Hong Kong, Singapore or London.

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Lee said that the SAR government will work to promote the financial hub and explore more business opportunities for the city. He said that the city will provide a wide range of financial and professional services to Saudi Aramco, including assistance in listing in Hong Kong, handling capital arrangements and exploring investment opportunities.

The Hong Kong Exchanges and Clearing has signed a memorandum of understanding with the Saudi Tadawul Group Holding Company, the stock exchange operator in the kingdom of Saudi Arabia.

The memorandum aims to look at cooperation in a number of areas that will bring benefits to both financial markets, including Fintech, Environmental, Social and Governance ESG and cross listings.

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