The Saudi Tadawul Group and Hong Kong Exchanges and Clearing (HKEX) 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. “This MoU brings us one step closer towards enabling cross-listings and other areas of collaboration between Saudi Arabia and Hong Kong,” said Khalid Al Hussan, CEO of Saudi Tadawul Group. “With global capital markets evolving, it is moreover important for us to work together to exchange information and align on best practice to elevate our capital markets and enhance the experience for issuers and investors alike.” ©2023 funds global mena