Asian Financial Forum: Hong Kong and Saudi Arabia agree to deepen collaboration between their financial markets on first day of annual event’s 17th edition

‘This collaboration marks a significant stride in solidifying Hong Kong’s position as a leading international financial centre’: FSDC chairman

Agreement comes amid efforts by Hong Kong to deepen financial ties with the Middle East

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From left, Christopher Hui, Hong Kong’s secretary for financial services and the treasury, Faisal Alsharif, director general of the FSDP, King Au, executive director of the FSDC, and Laurence Li, the FSDC’s chairman, at the signing on Wednesday. Photo: Handout

Published: 2:30pm, 24 Jan 2024Updated: 2:33pm, 24 Jan 2024

Hong Kong and Saudi Arabia signed an agreement to strengthen collaboration between their financial markets on Wednesday, at the opening of the 17th annual Asian Financial Forum (AFF).

A memorandum of understanding was signed between Saudi’s Financial Sector Development Program (FSDP) and Hong Kong’s Financial Services Development Council (FSDC). The FSDP was launched in 2018 with the aim of creating a diversified financial services sector in Saudi. The FSDC was founded in 2013 with the aim of further developing Hong Kong’s financial services industry.

The agreement comes amid continuing efforts by the Hong Kong government over the past year to deepen financial ties with the Middle East.

“This collaboration marks a significant stride in solidifying Hong Kong’s position as a leading international financial centre,” Laurence Li, the FSDC’s chairman, said during the opening ceremony of AFF.

The two-day conference, which brings together hundreds of leaders from the government, finance and business communities, kicked off at the Hong Kong Convention and Exhibition Centre. Run by the Hong Kong government and the Hong Kong Trade Development Council, this year’s event is focusing on multilateral cooperation and sustainable economic development.

“By joining forces with the FSDP, [the FSDC will] strive to establish comprehensive financial market connectivity that benefits businesses in both regions and facilitates cross-border investment flows,” Li said.