Sahm Capital, an online trading app backed by Valuable Capital Group and eWTP Arabia Capital, has achieved significant success in Saudi Arabia. The app allows users to trade in both Saudi and US markets and has attracted 300,000 users and over 100,000 new trading accounts this year. Sahm Capital's success can be attributed to its innovative design, promotional initiatives, and the offer of free US stocks upon sign-up. The app aims to attract retail investors in Saudi Arabia and is actively seeking additional licenses for investment banking and asset management in the country. This expansion is part of Sahm Capital's strategy to further grow its presence and offerings in the Saudi market.
In line with the success of Sahm Capital, Hong Kong and Saudi Arabia are expanding their collaborations and strengthening their economic ties. Hong Kong is developing an exchange-traded fund (ETF) in collaboration with Saudi Arabia to track Hong Kong's local stock indices. Plans are also underway to establish a trade base in Riyadh. Cathay Pacific Airways will relaunch direct passenger flights between Hong Kong and Riyadh on October 28, 2024 [3495c906]. The agreement between Cathay Pacific and the Saudi Air Connectivity Programme was signed on June 6, 2024. The transport minister of Hong Kong, Lam Sai-hung, called it a 'significant milestone' and highlighted the potential for increased connectivity, trade, and cultural exchanges between Hong Kong and countries participating in the Belt and Road Initiative. Cathay Pacific will operate three return flights per week between Hong Kong and Riyadh using its Airbus A350-900 aircraft. The move comes as Hong Kong and Cathay Pacific aim to catch up with mainland Chinese counterparts in providing long-haul flights to the Middle East. Cathay Pacific had previously canceled the Hong Kong-Riyadh route in March 2017. The Saudi Air Connectivity Programme CEO expects Cathay's new flights to boost Hong Kong as a key source market for inbound tourism to Saudi Arabia and help the kingdom achieve its goal of attracting 50 million visitors from China per year by 2030.
The Capital Market Forum in Hong Kong has drawn together over 1,000 investors, listed companies, and financial pioneers from Hong Kong and mainland China to connect directly with Saudi issuers. Saudi Arabia's stock exchange has undergone significant transformations since the launch of Vision 2030, with the average daily trading volume doubling over the last two years. The Kingdom aims for fixed capital formation of over $3 trillion and welcomes Chinese participation in various sectors including automobile, mining, technology, and tourism [88274b41].
Cathay Pacific plans to launch new direct flights connecting Hong Kong and Riyadh in October. The new service is expected to offer more travel options and greater convenience for travelers between Saudi Arabia and Hong Kong while promoting business, trade, and tourism opportunities. Cathay Pacific will operate three return flights per week between Hong Kong and Riyadh using an Airbus A350 aircraft. In addition to the passenger service, Cathay Cargo operates weekly freighter flights between Hong Kong and Riyadh. The new route comes at a time when relations between the two sides have witnessed positive developments and concrete achievements. Hong Kong and Saudi Arabia are exploring the creation of an exchange-traded fund (ETF) tracking Hong Kong indices. Last year, a new ETF tracking Saudi equities was listed in Hong Kong, becoming the first product of its kind in Asia [4fe3432a].