Saudi ETFs Tracking HK Shares Seen Raising Nearly $1 Billion
Two Saudi Arabian investment firms are set to launch exchange traded funds that will be the country’s first to track Hong Kong shares and are expected to raise close to $1 billion, offering the latest sign of growing ties between the oil rich kingdom and China.
One Saudi Arabian exchange-traded fund tracking shares listed in Hong Kong is expected to raise about $500 million, according to people familiar with the matter. That fund is set to be launched by the end of the year by SAB Invest, an arm of Saudi Awwal Bank, the people said, asking not to be named because terms are not public.