About $2.3 billion of Middle East sovereign wealth fund capital flowed into the greater China market last year، Hong Kong Monetary Authority’s Kenneth Hui said at a conference on Monday. 

The number was up from about $100 million in 2022، external executive director of HKMA Hui said، citing data from Global SWF. Multiple financial institutions and regulators have made trips to the gulf region to engage with the market، which traditionally was served by Europe before، he added. 

“This money is important because they often create good demonstrative effect to their local industry and the general public” to tap the Chinese and Hong Kong market، Hui said. “This is the kind of money that we want to see coming in، not just for its own sake، but also for the wider impact.”

Hong Kong has been trying to woo Saudi Arabia and other Middle Eastern countries for new funding to revive its stock market. The city saw a collapse in initial public offerings last year، dented by volatile markets and strains between China and the US. IPO proceeds in 2023 were the lowest in more than two decades.