HKEX Taps Veteran Banker to Lead Middle East Push in Riyadh

HONG KONG – February 12, 2026 – Hong Kong Exchanges and Clearing Limited (HKEX) has made a significant strategic move to deepen its ties with the Middle East, appointing veteran banker Jalal Almarhoon as its first Managing Director and Chief Regional Representative for the region. The appointment, effective February 10, 2026, places a seasoned financial expert at the helm of HKEX's recently opened Riyadh office, signaling a determined effort to build a new financial bridge between Asia and the burgeoning capital markets of the Gulf.

This move is more than a senior hire; it represents a pivotal step in HKEX's ambition to cement its role as a global "superconnector." As capital flows increasingly shift eastward and Middle Eastern economies aggressively diversify, the appointment of a high-caliber leader on the ground in Saudi Arabia underscores Hong Kong's intent to be the primary gateway for investment and listings connecting the two dynamic regions.

The Architect of a New Financial Bridge

Tasked with leading HKEX's charge into the Middle East is Jalal Almarhoon, a financial professional with over two decades of experience deeply embedded in the Gulf's corporate and banking sectors. His career has spanned key financial hubs including Riyadh, Abu Dhabi, Dubai, and Amsterdam, providing him with a nuanced understanding of the regional landscape that will be critical for navigating its complex market dynamics.

Reporting to Johnson Chui, HKEX's Head of Global Issuer Services, Mr. Almarhoon will be responsible for a wide-ranging mandate. His primary objectives include spearheading engagement across Saudi Arabia and the wider Middle East, promoting HKEX as the listing venue of choice for the region's ambitious companies, and cultivating relationships with key investors, sovereign wealth funds, and other major stakeholders.

Before joining HKEX, Mr. Almarhoon was the Managing Director and Head of Strategic Corporate Coverage in Saudi Arabia for BNP Paribas. His extensive resume also includes nearly a decade at Société Générale, where he led corporate coverage in the Kingdom, along with senior roles at Standard Chartered. This background has given him firsthand experience advising government-related entities and private sector giants on financing large-scale strategic projects, particularly in the energy and commodities sectors.

In a statement, HKEX Chief Executive Officer Bonnie Y Chan highlighted the strategic importance of the appointment. "The Middle East is an increasingly important driver of global capital flows, and strengthening our footprint there is a key priority for us," she said. "With over 20 years of financial markets experience across the Gulf, Jalal will play an important role as we grow our business. Building on our on the ground presence in Riyadh, HKEX will continue to connect capital, issuers and investors across Hong Kong, the Chinese Mainland and the Middle East."

A Superconnector's Global Gambit

Mr. Almarhoon's appointment is the latest and most tangible step in HKEX's long-term international expansion strategy. The exchange has long positioned itself as a unique "superconnector" linking mainland China with the rest of the world. This strategy is most visible in its pioneering Connect schemes—Stock Connect and Bond Connect—which have created unprecedented channels for two-way capital flow into and out of China's vast onshore markets.

The 2012 acquisition of the London Metal Exchange (LME) was a landmark move that diversified HKEX's offerings beyond equities and gave it a dominant position in global commodities trading. The establishment of the Riyadh office now adds a critical new node to HKEX's international network, which already includes hubs in London, New York, Singapore, and mainland China.

This expansion is not just about geography; it's about relevance. By planting a flag in the Middle East, HKEX is betting it can capture a significant share of the region's capital, which is actively seeking international investment opportunities as part of massive economic diversification plans like Saudi Arabia's Vision 2030. For Middle Eastern companies, a listing in Hong Kong offers a gateway to Asian liquidity and direct access to the world's second-largest economy.

Tapping a Wellspring of Capital

The timing of HKEX's intensified push into the Middle East is no coincidence. The region is undergoing a profound economic transformation. Saudi Arabia, the UAE, and other Gulf nations are channeling their immense wealth into non-oil sectors, from technology and renewable energy to tourism and infrastructure. This has unleashed a surge in capital market activity, with the region's IPO market showing remarkable resilience and growth.

Saudi Arabia's Vision 2030, in particular, has been a major catalyst. The Kingdom is undertaking ambitious regulatory reforms to attract foreign investment, including the recent decision to open its main stock market to all categories of foreign investors starting February 1, 2026. This liberalization is expected to significantly boost liquidity and align the Saudi Exchange (Tadawul) with global standards.

HKEX is targeting the immense pools of capital managed by the region's sovereign wealth funds, such as Saudi Arabia's Public Investment Fund (PIF), which plans to deploy tens of billions of dollars annually. The exchange is also looking to attract listings from high-growth companies in sectors like technology, financial services, healthcare, and industrials that are central to the region's diversification efforts.

Building on Strategic Partnerships

The opening of the Riyadh office and Mr. Almarhoon's appointment are built upon a foundation of strategic groundwork laid over the past several years. In February 2023, HKEX signed a Memorandum of Understanding (MOU) with the Saudi Tadawul Group to explore cooperation in fintech, ESG, and cross-listings.

This was followed by several key milestones. In September 2023, HKEX added the Saudi Exchange to its list of Recognised Stock Exchanges (RSEs), a crucial step that allows Saudi-listed companies to pursue secondary listings in Hong Kong. The Abu Dhabi Securities Exchange and Dubai Financial Market were added to the list in 2024. This groundwork has already borne fruit, with the first Saudi-focused ETF listing in Hong Kong in 2023 and, in a reciprocal move, two ETFs tracking Hong Kong equities listing on the Saudi Exchange in October 2024.

Furthermore, the HKEX-owned LME approved Jeddah as a delivery point for copper and zinc, physically integrating Saudi Arabia into the global metals trading network. These interconnected initiatives demonstrate a multi-pronged approach designed to weave the financial ecosystems of Hong Kong and the Middle East closer together, creating the infrastructure necessary for a sustained increase in cross-border activity.