Hong Kong stock exchange to open office in Riyadh

Hong Kong Exchanges and Clearing Limited (HKEX) announced plans on Wednesday to open an office in Riyadh next year, signaling a strategic push into the Middle Eastern market.

The announcement was made at the 8th Future Investment Initiative (FII) conference, where HKEX Chairman Carlson Tong emphasized the significance of the Middle East as an emerging economic powerhouse.

Tong emphasized that HKEX’s presence in Riyadh will not only strengthen economic ties between the Middle East and Hong Kong but also enhance the exchange’s role in connecting the region with global markets, especially China, the world’s second-largest economy.

"We understand today, listening to some of the speakers, that the 2030 division involves sustainability, innovation, and also opening up to reaching out to investors in the outside world. So I think Hong Kong is in that position to do it that way – (as an) international financial center. We can connect the Middle East with China, which is the second-largest economy in the world. So we believe that Hong Kong has a role to play, and we can work with the Middle East and in Riyadh and share our knowledge. And we are also into innovation technology. In fact, at the Hong Kong stock exchange, we have listed 331 new economy companies in the last few years, and we raised 120 billion U.S. dollars," he said.

As China continues to open its capital markets to the world, Tong highlighted HKEX’s unique role in bridging global and Chinese markets, supported by the Connect Scheme, which marks its tenth anniversary this year.

"I think as the stock exchange we want to maintain that status and do everything we can to demonstrate Hong Kong is an international financial center. We are the only such exchange in the world that has that position within our country, which is the second largest economic power in the world. So Hong Kong is very lucky, very blessed. And incidentally, the Connect Scheme, which I just mentioned northbound and southbound, this is the 10th year anniversary, " Tong said.

The three-day conference concluded on Thursday under the theme 'Infinite Horizons: Investing Today, Shaping Tomorrow.

Dubbed "Davos in the Desert," the FII conference is the Middle East's largest international investment and innovation forum, drawing numerous political and business leaders each year.

Hong Kong stock exchange to open office in Riyadh

Thailand has temporarily closed more than 1,000 schools in border areas following a new round of armed clashes between Thai and Cambodian troops along their shared border.

The Thai Ministry of Education ordered the suspension of classes on Friday in seven provinces bordering Cambodia, affecting a total of 1,060 schools, to ensure the safety of students and teachers.

Buriram Province is among the areas most affected by the renewed fighting, with more than 100 schools shut down. At local shelters, displaced residents, including children and teenagers, have sought refuge as fighting continues.

One girl said she had stayed in the shelter for 11-12 days already. "I moved here because of the clashes between Thailand and Cambodia," she said, adding that she could hear very loud gunfire at her home.

She said school won't be open until the clashes end, and she misses her classmates very much.

A teenage boy in the shelter expressed the same emotions.

"It's been 13 days since I moved here. I heard gunfires at home and I was so scared that I moved to the shelter. I want to return to school to study and see my friends," he said.

A displaced woman recalled her time in a shelter when border clashes between the two countries broke out earlier this year.

"I stayed in the shelter for a week when the last clashes broke out. This time I don't know how long I need to stay here before I can return home," she said.

Border clashes between the two sides reignited on Dec 7, less than two months after the two sides signed a joint peace declaration, with both sides trading the blame for instigating the attacks.

Thailand closes over 1,000 schools near border amid armed clashes with Cambodia