DBS Hong Kong's economic research team noted that as cooperation between the Gulf Cooperation Council (GCC) and China deepens, Hong Kong can serve as a super-connector to assist GCC issuers in raising CNH and green bonds. This would help diversify asset allocation in Saudi Arabia's asset management market, which is currently concentrated in real estate (36%) and equities (34%).

In a recent report titled "New Pathways for Global Capital: The Strategic Convergence of GCC and Asia," DBS Hong Kong Chief Economist Ji Mo highlighted that global green transition and economic slowdown have led to income uncertainty and fiscal deficits. Rising investment demands from economic reforms and diversification necessitate bond issuance to support economic transformation.

Ji Mo pointed out that GCC investments in China have grown steadily from 2014 to 2024, with the energy sector dominating at 62%.

Senior Economist Zhou Hongli from DBS Hong Kong added that Hong Kong's financial institutions can support GCC issuers in raising CNH and green bonds, advancing RMB internationalization, CNH bonds, and RMB-denominated stock trading. This would further diversify Saudi Arabia's asset management market.

Zhou noted that Saudi Arabia's asset management industry saw a steady 12% annual growth in total assets under management from 2015 to 2024, reaching $290 billion in Q1 2025. GCC and Hong Kong have already cross-listed ETFs on each other's platforms, with single-ETF trading volumes ranging between $10 million and $20 million year-to-date.