(Yicai) Nov 31 -- Hang Seng Indexes, known mainly for its flagship index that tracks the shares of the largest firms listed in Hong Kong, has signed a cooperation deal with the Saudi Exchange aimed at enhancing market access between the Asian financial hub and the Middle East.

HSI and the Saudi Exchange will pursue further cooperation, including the exchange of index data, product development, and sharing of industry knowledge, under the terms of the agreement announced today. Both parties will also work together to raise public awareness and engagement in their respective markets.

"We welcome the collaboration between Hang Seng Indexes and the Saudi Exchange,” said Paul Chan, Hong Kong’s financial secretary. “This collaboration will further strengthen the ties between the two markets, promote industry development, and bring new opportunities for investors.”

The cooperation will build upon the growing ties between Hong Kong and Saudi Arabia, according to HSI Chief Executive Officer Anita Mo, who added that the Saudi Exchange, or Tadawul, is the largest and most liquid stock market in the Middle East and North Africa region.

Two exchange-traded funds focused on Hong Kong and Chinese equities debuted on the Tadawul this week, marking the first listing of such ETFs in the Middle East. They were developed to allow Middle Eastern investors to access Hong Kong-listed stocks, including those of prominent Chinese businesses.

“Together, we aim to develop products that will attract investors to both regions, especially by leveraging Hong Kong's position as a leading international financial hub and its role as a super connector between the Chinese mainland and the rest of the world," Mo said.

Saudi Exchange CEO Mohammed Sulaiman Al-Rumaih said the deal with HSI will increase access for investors, adding that the exchange has seen “a surge of interest from markets across Asia, with Hong Kong and Mainland China at the forefront."

Editor: Tom Litting