(Bloomberg) --

The Hong Kong and Saudi stock exchanges signed a pact to cooperate in areas such as cross listings, a day after the city’s Chief Executive Officer John Lee was reportedly said to be working to convince oil giant Aramco to list in the Asian financial hub.

The Hong Kong Exchanges & Clearing Ltd. and the Saudi Tadawul Group Holding Co. will also explore cooperation in fintech, ESG and other areas, the Asian exchange said in a statement.

“This agreement signals the beginning of even greater collaboration between our companies and our home markets, and we look forward to exploring many future areas of cooperation,” HKEX CEO Nicolas Aguzin said.

South China Morning Post reported on Sunday that Lee is seeking to convince Saudi Arabian Oil Co. and its units to consider a secondary listing in the city during his first trip. Aramco, as the oil company is known, declined to comment to Bloomberg. 

• Read More: Hong Kong’s Lee Aims to Encourage Aramco to List in City

Dow Jones reported last year that Aramco was planning an additional share sale in Riyadh and a secondary listing that could potentially happen in London, Singapore or in other venues.  

After visiting Saudi Arabia, Lee will travel to the United Arab Emirates, where he stays until Feb. 11. During the visits, he plans to “foster Hong Kong’s exchanges and co-operation with Saudi Arabia and the UAE on all fronts,” according to a government statement released before the trip.

--With assistance from Filipe Pacheco and Dominic Lau.

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