Europe’s biggest bank, is launching two indexes and associated funds and products that will give international investors exposure to Saudi Arabian equities, HSBC said on Friday. The Saudi equity market is closed to investors not based in the region but the new HSBC Saudi Equity Index offers a way to gain exposure to 36 stocks ranging from banks to bookstores. The bank is also launching the HSBC Saudi Petrochemical Equity Index, with 11 shares including SABIC and SAFCO. With surging oil prices generating huge revenues, the Gulf region has seen startling economic growth. Gulf countries have seen their economies double in size in 2006 from 2002.
Monday, December 10, 2007