HONG KONG, Oct. 30, 2024 /PRNewswire/ — Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Wednesday) that it plans to open an office in Riyadh in 2025. The new office will strengthen HKEX’s Middle East presence as the Group looks to promote greater connectivity between China and the Gulf region, aiming to facilitate new opportunities for its customers and issuers around the world.

Situated in Saudi Arabia’s economic powerhouse and a leading financial hub in the region, the new Riyadh office will enable HKEX to better connect with investors and companies in one of the world’s most dynamic and innovative economic hubs, providing on-the-ground support to help them access Hong Kong’s broad and diverse financial products ecosystem, as well as to capture the opportunities arising from megatrends that define Asia’s growth story.

HKEX Chief Executive Officer Bonnie Y Chan said: “We are delighted to be opening a Middle East office in Riyadh, marking the first step in elevating our presence across this vibrant and fast-growing region. This underscores our strategic commitment to promoting greater capital market connections between China and the Middle East, whilst supporting the ambitions of our broad range of customers from the region and around the world. As investment ties between the Middle East and Asia grow stronger, Hong Kong and HKEX’s roles in connecting capital and opportunities between these regions have become more important than ever. Joining our offices in Beijing, London, New York, Shanghai, and Singapore, the new Riyadh office will enable us to foster greater global coverage and facilitate access for Middle East clients to Asia’s most international, diverse and liquid capital markets in Hong Kong.”

HKEX has made significant progress in its engagements in the Middle East, with meaningful collaboration and partnerships. These include signing a Memorandum of Understanding with the Saudi Tadawul Group, welcoming Asia first and the world’s biggest Saudi-focused Exchange-Traded Fund (ETF), and adding the Saudi Exchange, Abu Dhabi Securities Exchange, and Dubai Financial Market to HKEX’s list of Recognised Stock Exchanges. These initiatives demonstrate HKEX’s commitment to fostering collaboration and enhancing market accessibility between China and the Middle East.

Additionally, the listing of two ETFs tracking Hong Kong-listed equities this week on the Saudi Exchange marks a significant milestone in the capital market connectivity between Hong Kong and Saudi Arabia, and builds on the listing of the first Saudi-focused ETF in Hong Kong last November.

APPENDIX

HKEX has continued to deepen strategic partnerships with the Middle East:

• HKEX brought the first FII PRIORITY Asia and Capital Markets Forum (CMF) to Hong Kong to connect investors and corporates between the two regions
• Signed MOU with Saudi Tadawul Group (STG) in 2023 to explore collaboration in cross listings, exchange products and ESG
• Added Saudi Exchange (2023), Abu Dhabi Securities Exchange and Dubai Financial Market (2024), to the list of Recognised Stock Exchanges (RSE), opening the door for Middle Eastern companies to seek secondary listings in Hong Kong
• Welcomed Asia Pacific’s first and the world’s biggest Saudi-focused ETF listing in Hong Kong (2023)
• The London Metal Exchange, a subsidiary of HKEX, approved a warehouse delivery point for copper and zinc in the Red Sea port city of Jeddah

About HKEX

Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code: 388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange.

As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets.

HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.

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Ravi Menon appointed as Chairman of the Board of Directors

SINGAPORE, Oct. 30, 2024 /PRNewswire/ — The Monetary Authority of Singapore (MAS) announced the establishment of the Global Finance & Technology Network (GFTN) to harness technology and foster innovation through global partnerships for more efficient, resilient, and inclusive financial ecosystems.

Mr Ravi Menon has been appointed Chairman of the Board of Directors of GFTN. Mr Menon is also Singapore’s Ambassador for Climate Action and Senior Adviser (National Climate Change Secretariat) at the Prime Minister’s Office.

Mr Leong Sing Chiong, Deputy Managing Director of MAS, and Mr Neil Parekh, Nominated Member of Parliament, Singapore & Non-Executive Chairman (till recently Partner and Head of Asia & Australia) at Tikehau Capital, have been appointed as Deputy Chairmen.

Mr Sopnendu Mohanty, currently Chief FinTech Officer at the MAS, will be appointed Group Chief Executive Officer of GFTN, with effect from 1 February 2025 when he will relinquish his role in MAS.

GFTN will aim to enhance global connectivity for impactful innovation in financial services internationally and strengthen Singapore’s position as a global FinTech hub. It will build on the success of Elevandi, a not-for-profit company set up by MAS in 2021 to organise and globalise the Singapore FinTech Festival (SFF), which has grown to become the largest FinTech event of its kind in the world attracting some 65,000 participants from 150 countries.

GFTN will have four strategic businesses:

• GFTN Forums – a global conference convenor dedicated to finance and technology.
• GFTN Advisory – a knowledge centre offering practitioner-led advisory services and research on innovation policies and ecosystems.
• GFTN Platforms – a digital platform service provider for businesses, especially small and medium enterprises.
• GFTN Capital – an investment fund for technology start-ups that have the potential for sustained growth and positive social impact.

GFTN’s Board of Directors (BoD) will be guided by an International Advisory Board (IAB) comprising distinguished, globally recognised leaders with a demonstrated commitment to the public interest. Details of the BoD and IAB will be announced at the SFF on 6 November 2024.

“GFTN will drive greater synergies within the global finance and technology communities for innovations in financial services that create positive economic value and social impact. We aim to unlock sustainable and inclusive pathways that serve communities around the world while strengthening Singapore’s global connectivity and role as a FinTech hub,” said Mr Menon.

“The global financial technology (FinTech) and innovation ecosystem has witnessed significant growth over the past decade, with the MAS playing a pivotal role in this development. This expansion has established a robust foundation for a reimagined global platform. GFTN is aimed at addressing the evolving requirements of the global FinTech ecosystem, and is strategically positioned to realise our mission through the integration of convening forums, advisory, digital platforms, and capital,” shared Mr Mohanty.

About the Global Finance & Technology Network (GFTN)
The Global Finance & Technology Network (GFTN) is a not-for-profit organisation established by the Monetary Authority of Singapore (MAS) in 2024 to harness technology and foster innovation for more efficient, resilient, and inclusive financial ecosystems through global partnerships. GFTN convenes forums, offers advisory services on innovation ecosystems, provides access to transformative digital platforms, and invests in technology startups with the potential for growth and positive social impact through its venture fund.

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LONDON, Oct. 30, 2024 /PRNewswire/ — Today marks the launch of the 5th edition of the Ecological Threat Report (ETR) from international think-tank, the Institute for Economics & Peace (IEP). The report concludes that without concerted international action, accelerating ecological degradation will amplify social friction and conflicts worldwide. These challenges will be further exacerbated by climate change.

Key results:

• Ecological risks are intensifying due to climate change, population growth, and conflict, with a strong correlation between ecological degradation, poverty and the incidence of conflict.
• 50 countries, currently home to 1.3 billion people, face high or very high levels of ecological threat. The population in these nations is projected to increase to almost 2 billion by 2050.
• The ETR identifies 27 ecological hotspots countries: where extreme ecological risks intersect with low societal resilience, leaving them vulnerable to instability, conflict and humanitarian crisis.
• Of the 27 hotspot countries, 19 are in sub-Saharan Africa and four are in the Middle East and North Africa. Many are currently experiencing conflict or civil unrest.
• Conflict prevention in agro-pastoralist communities is strongly linked to the strength of local governance structures, with community-based approaches proving more successful than external interventions.
• Sub-Saharan Africa has the lowest irrigation rates in the world, with only 1.8 per cent of cultivated land being irrigated. There is substantial opportunity to relieve ecological pressure through improved water collection and management.
• An annual investment of $15 billion in water capture and agricultural enhancement initiatives to 2050 could lift food production in sub-Saharan Africa by 50%.

The 2024 Ecological Threat Report covers 207 countries and highlights a growing global crisis as ecological threats, climate change, poor governance, population growth and conflict intersect. The report identifies 50 countries, home to 1.3 billion people, facing high or very high levels of ecological threats. These countries, 82% of which are in Africa, are projected to see a 51% population increase by 2050.

Sub-Saharan Africa emerges as a particular area of concern. A recent severe El Niño-induced drought in the region has affected 68 million people, or 17% of the region’s population. The drought, which started in early 2024, has hit crop and livestock production, causing food shortages and damaging wider economies. Food prices are 25% higher than before the COVID-19 pandemic, further compounding access to food.

However, the region has the greatest potential globally to improve its food production capacity. For example, the average maize yield in Africa is just 1.9 tonnes per hectare, compared to the global average of 5.4 tonnes. Additionally, the region possesses 200 million hectares of untapped arable land. By implementing micro-water capture techniques and adopting improved agricultural practices, sub-Saharan Africa could substantially enhance its ecological resilience and food security.

Steve Killelea, Founder & Executive Chairman of IEP, said: “The world is at a critical juncture where ecological threats are increasingly intertwined with conflict risks, poverty and debt. Our research shows that targeted investments in water capture and agricultural practices could dramatically improve food security, increase local resilience, lessen conflict and alleviate forced migration.“

Ecological Hotspots

The ETR identifies 27 ecological hotspots: countries where high ecological risks intersect with low societal resilience. These hotspot countries face increased risks of instability, conflict, and humanitarian crises. The geographical distribution of these hotspots is heavily skewed, with 19 located in sub-Saharan Africa, four in the Middle East and North Africa, and the remaining four spread across Asia and the Caribbean.

• Sub-Saharan Africa faces the most acute ecological threats, driven by high levels of food insecurity, water stress, and rapid population growth.
• South Asia recorded the second-highest overall ETR score, driven by its vulnerability to natural disasters, which are the highest of any region.
• Europe and North America are the only two regions where no subnational areas face high or very high levels of ecological threat.

Hotspot countries tend to cluster geographically, which can lead to regional instability as ecological and humanitarian crises will encompass multiple countries. Spillover effects include population displacement, new cross-border conflicts, and disruptions to transportation networks and supply chains.

The severity of the situation is underscored by the fact that many hotspot countries are currently experiencing armed conflicts or civil unrest, highlighting the interplay between ecological threats, low resilience, and heightened risk of violence. Without addressing these challenges, the compounding effects of population growth, environmental degradation, and weak governance could lead to a cycle of increasing instability, particularly in regions already prone to conflict.

Governance & Water Management

Water risk is more closely tied to weak governance than water scarcity. For example, the UAE faces low water risk despite limited resources, while nearby Yemen struggles despite having more abundant water resources. The report highlights that an annual investment of $15 billion in small-scale water capture and related initiatives could substantially mitigate ecological risks in sub-Saharan Africa, with the potential to triple crop yields in some areas. This is crucial, as the region needs to more than double its cereal production to meet its basic food needs over the next 25 years.

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The ETR also identifies potential solutions, particularly in water management and agricultural practices, that could significantly improve food security and economic prospects in vulnerable regions. Small-scale water capture projects like sand dams, rock runoff and dams in Africa show promising results, with a single $50,000 investment potentially irrigating up to 9 hectares and yielding a $180,000 return. Sub-Saharan Africa has approximately 34.2 million hectares of land with untapped irrigation potential, which could be utilised using less than 6% of the region’s renewable water resources.

Steve Killelea added: “It’s crucial that governments and international organisations prioritise these interventions to build resilience and prevent future conflicts. Strengthening local governance and community-based conflict resolution mechanisms has proven more effective than external security interventions in mitigating tensions before they escalate into violence.“

Climate change acts as a threat amplifier, exacerbating existing tensions in areas with a history of conflict, weak institutions, and low resilience. In areas prone to resource competition, climate-induced scarcity of water or arable land can escalate tensions between communities. The impact is particularly pronounced in countries with weak institutions, where governments lack the capacity to effectively manage climate-related stresses or mediate resulting conflicts.

The rise of agro-pastoralist conflicts in the Sahel affects over 50 million people, demonstrating how ecological pressures can intensify existing ethnic and resource-based tensions. Transnational extremist groups have exploited these local grievances to mobilise fighters and escalate conflicts. The Sahel region accounts for nearly 16% of Africa’s total conflict deaths, despite comprising only 6.8% of the continent’s population. Of particular concern is the encroachment of these groups into areas that were relatively peaceful, including the West African countries of Côte d’Ivoire, Benin, Togo and Nigeria.

Water and food security

Water risk is strongly correlated with weak governance and poor infrastructure, with sub-Saharan Africa using only 2% of its renewable water resources for agriculture, compared to an average across all global regions of 6.7%. However, with appropriate investment the worst effects can be avoided. Only 1.8% of cultivated land in sub-Saharan Africa is irrigated, less than one-tenth of the global rate of 19%.

Additionally, advances in irrigation technology will make water use in agriculture more efficient, with irrigated land in low- and middle-income countries expected to increase by 34% by 2030, but total agricultural water usage expected to increase by only 14%.

Future global implications

Climate change is set to stress water resources in the glacier-fed ecosystems of South Asia and South America, while rising sea levels will increase salinity in some of the world’s most fertile agricultural regions, particularly in Southeast Asia. More extreme weather in China and India will make it harder to feed the 2.8 billion people who live there. Additionally, more than 91 million people depend on the lower Mekong River Basin and Nile deltas for their livelihoods, with upstream damming severely affecting water flows.

The global implications of these ecological threats extend beyond regional boundaries. Food shortage in one area can impact global food prices and availability due to the interconnected nature of supply chains. As climate change intensifies, there will be significant shifts in global migration patterns, reshaping demographics and economies in both origin and destination countries. Adequate investment in more efficient water and land use for agriculture can dramatically mitigate the worst effects of ecological degradation, improve economies, prevent conflict, and reduce forced migration.

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NOTES TO EDITORS

For more information and to download the Ecological Threat Report 2024, visit https://visionofhumanity.org and https://economicsandpeace.org. Video footage for broadcast and sound for radio is available by contacting Tim Johnston below. 

About the Institute for Economics & Peace (IEP): IEP is an international and independent think tank dedicated to shifting the world’s focus to peace as a positive, achievable, and tangible measure of human wellbeing and progress. It has offices in Sydney, Brussels, New York, The Hague, Mexico City and Nairobi.

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