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Hong Kong paves way for UAE listings, recognizing Dubai, Abu Dhabi stock exchanges
Hong Kong’s bourse operator has expanded its collaboration with two exchanges in the United Arab Emirates (UAE) to pave the way for its companies to list here, as a government advisory body said it plans to examine Islamic finance to align the city’s financial infrastructure with the needs of the Middle East.
Hong Kong Exchanges and Clearing (HKEX) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) as recognised stock exchanges, allowing companies listed on them to apply for a secondary listing in Hong Kong, it said in a statement on Friday.
The additions came after HKEX last year added the Saudi Exchange (Tadawul) as a recognised bourse and will allow more Middle East companies to consider listing in Hong Kong, said HKEX head of listing Katherine Ng.
“This expansion demonstrates HKEX’s continuous efforts to support companies in one of the world’s fastest growing regions to tap Hong Kong’s markets, home to a diverse Asian and global investor base,” Ng said in the statement.
Hong Kong’s became the first bourse to list a Saudi Arabian exchange-traded fund (ETF) tracking 56 Middle East stocks in November. In May this year Bonnie Chan Yiting, the CEO of HKEX, said the first Middle East listing is only “a matter of time.”
