A Hong Kong business delegation led by Financial Secretary Paul Chan met with senior government officials and business leaders in Saudi Arabia last week to advance collaboration in a number of areas, including dynamic tech sectors such as AI, biotech, fintech and smart city development.
These wide-ranging discussions supported Saudi Arabia’s ongoing Vision 2030 project. This ambitious program aims to enhance national competitiveness and attract more foreign investment, particularly in infrastructure, tourism and green energy, while reducing dependence on oil revenues.
Some 40 Hong Kong business leaders took part in the Saudi Arabia mission, which was jointly organised by the Hong Kong SAR Government and the Hong Kong Trade Development Council (HKTDC).
A Hong Kong–Saudi Arabia Business Dinner, one of the highlights of the visit, provided a valuable platform for in-depth conversations.
The event led to the signing of multiple MoUs and cooperation agreements. These covered mobility, green energy, AI, robotics and digital transformation, laying a solid foundation for future partnerships.
The HKTDC signed an MoU with the Digital Cooperation Organization (DCO), a multilateral body headquartered in Riyadh. This agreement aims to promote Hong Kong as a platform for start-ups and SMEs from the DCO’s member economies to access the Asia-Pacific market, while supporting their digital transformation efforts.
The delegation also attended the Future Investment Initiative (FII) Summit, a major gathering of global business leaders, investors and policymakers which is held in Riyadh, Saudi Arabia’s capital, every year.
Mr Chan participated in a panel discussion at the summit, where he shared Hong Kong’s experience in promoting different models for public-private partnerships.
He also highlighted Hong Kong’s Northern Metropolis initiative as an engine for economic diversification and as a key base for innovation and technology (I&T) industries.
Valuable exchanges
In addition to attending the FII Summit, the delegation also connected with local chambers and institutions. These included Saudi Awwal Bank, Saudi National Bank, the Riyadh Chamber of Commerce and Industry and the Saudi Chinese Business Council.
Delegates engaged with major development projects as well, including Diriyah Gate Development Authority, Red Sea Global, New Murabba and The Garage.
These meetings facilitated exchanges in investment, cross-border finance, market expansion, academic collaboration and professional services.
“This visit to Riyadh has helped Hong Kong and mainland enterprises based in the city explore new business opportunities and further strengthen Hong Kong-Saudi economic ties,” remarked Anna Cheung, Assistant Executive Director of the HKTDC.
With GDP topping US$1 trillion last year, Saudi Arabia has the largest economy in the Middle East.
As of 2024, it was Hong Kong’s fourth-largest trading partner in the region, and third-largest export market.
The HKTDC will continue to promote bilateral cooperation through exhibitions, forums, overseas missions and business matching activities, and looks forward to seeing more Saudi enterprises leverage Hong Kong as a gateway to the Chinese Mainland and the wider Asian market, Ms Cheung added.