A man walks past the main interior entrance to the Saudi Stock Exchange, also known as the Tadawul, in Riyadh. Saudi Arabia officials and executives of around 14 companies plan to embark on a marketing tour of Singapore and Hong Kong next month to attract Asian investors in the $430bn stock exchange, banking sources told Reuters yesterday. The HSBC Saudi Arabia Investment Forum will include stops in Singapore on March 1-2 and Hong Kong on March 3, the sources said. The trip reflects the rising importance of Asia for Riyadh, which sends the bulk of its oil exports to Asian markets. Two similar trips organised by JP Morgan and Morgan Stanley were held this autumn in New York and London, respectively. Saudi Arabia has brought in new rules to make it easier for foreigners to invest in the stock exchange, the Tadawul, most recently permitting foreign institutional investors to buy shares directly in initial public offers. Saudi Stock Exchange chief executive Khalid al-Hussan, a senior Capital Market Authority official and officials from the Saudi Arabian Monetary Agency and Saudi Arabian General Investment Authority will be on the trip, one of the sources said.
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