According to reports, two investment companies in Saudi Arabia will launch exchange-traded funds (ETFs), which will be the country's first fund tracking Hong Kong stocks, with an expected fundraising of nearly $1 billion. The report cited sources as saying that an ETF tracking stocks listed in Hong Kong is expected to raise about $500 million. The fund, to be launched by SAB Invest, a subsidiary of Saudi Awwal Bank, is expected to be launched by the end of this year. The review is ongoing, and the size and listing time of the ETF may change. According to a statement on Tuesday, the second ETF launched by Albilad Capital, the securities department of Bank Albilad, also tracks Hong Kong and mainland Chinese stocks and has obtained approval from the Saudi Capital Market Authority for issuance. The fund is expected to raise up to $400 million and will be listed by the end of this year. In May of this year, Hong Kong's Financial Secretary Paul Chan Mo-po revealed that Hong Kong is working with several financial institutions to launch ETFs that track Hong Kong stock indexes in the Middle East, further strengthening capital flows between Hong Kong and the Middle East.