Hong Kong is turning to oil-rich Saudi Arabia for new funds to help offset a growing list of challenges facing its stock market.

The Saudi Tadawul Group and Hong Kong Exchanges & Clearing are co-organizing a conference Thursday at a very opportune time given the city needs fresh stock listings and fund inflows to boost its status as a financial hub. While Hong Kong stands to benefit from the forum, it will also involve an army of Saudi company officials seeking more exposure to Asian investors.

"There is strong political will that is pushing for this relationship between China and Gulf countries,” said Edmond Christou, an analyst at Bloomberg Intelligence in Dubai, who recently met with investors and companies in Hong Kong, Shanghai and Beijing. "When you talk to businesses in China, you hear that clients are interested in investing in the Middle East. They are looking for ways to make that happen.”