Financial Secretary John Tsang, leading a business delegation to the Middle East, started his visit to Riyadh in Saudi Arabia today.
The delegation was briefed on the latest economic developments of the Saudi Arabian market by SABB Bank.
Mr Tsang spoke at a business luncheon on Hong Kong's strengths and how they can help Saudi business in the development of Islamic finance, asset management and Renminbi business.
He pointed out that the Hong Kong Government issued its first sukuk in September, which also marked the first US dollar-denominated sukuk originated by a triple A-rated government in the global Islamic financial market. The issuance was greeted with strong demand, attracting orders in excess of US$4.7 billion.
"Through the inaugural sukuk offering, we demonstrated that the legal, regulatory and taxation framework in Hong Kong can easily accommodate sukuk issuance. We welcome more sukuk to be marketed, listed and executed in Hong Kong. And we invite more Islamic financial institutions to establish a presence in Hong Kong," Mr Tsang said.
The finance chief also met Saudi Arabian Monetary Agency Governor H.E. Dr Fahad Almubarak, Saudi Arabia’s Minister of Finance H.E. Dr Ibrahim bin Abdulaziz Al-Assaf, Saudi Arabia’s Minister of Economy & Planning Dr Muhammad Al-Jasser, and Kingdom Holdings Chairman H.R.H. Prince Alwaleed Bin Talal.
Mr Tsang will also attend a dinner hosted by the Chinese Ambassador to Saudi Arabia Li Chengwen.
He will continue his visit to Riyadh tomorrow, before heading for Abu Dhabi.
