A business delegation jointly organized by the Government of the Hong Kong Special Administrative Region and the Hong Kong Trade Development Council and led by Financial Secretary Paul Chan concluded a five-day mission in Riyadh, Saudi Arabia, from October 27 to 31. The delegation attended the Future Investment Initiative Summit and engaged in extensive business meetings to promote collaboration between Hong Kong and Saudi Arabia in strategic sectors including innovation and technology, smart city development, artificial intelligence, fintech, and biotechnology.
The timing of this mission is significant as Saudi Arabia, with a GDP of US$1.084 trillion in 2024, represents Hong Kong's fourth-largest trading partner and third-largest export market in the Middle East region. More importantly, Saudi Arabia's Vision 2030 economic transformation plan aims to reduce the country's reliance on oil and transition toward a private sector-led, open economy, creating substantial opportunities for international partnerships. This economic shift aligns with Hong Kong's strengths as a global financial hub and positions the city to play a crucial role in Saudi Arabia's diversification efforts.
During the visit, Financial Secretary Paul Chan participated in key thematic discussions at the FII Summit, sharing Hong Kong's experience in promoting various public-private partnership models. He highlighted the HKSAR Government's efforts to expedite development of the Northern Metropolis as a new engine for economic diversification and a key base for innovation and technology industries. The delegation, comprising approximately 40 representatives from various sectors, also conducted meetings with major Saudi institutions including Saudi Awwal Bank, Saudi National Bank, Riyadh Chamber of Commerce and Industry, and the Saudi Chinese Business Council.
The business engagements extended beyond formal meetings to include site visits to major development projects that demonstrate Saudi Arabia's commitment to economic transformation. Delegation members visited the Diriyah Gate Development Authority, Red Sea Global, the New Murabba smart city project, and The Garage technology park. These visits facilitated exchanges in investment opportunities, cross-border finance, market expansion strategies, academic collaboration, and professional services.
A highlight of the mission was the Hong Kong-Saudi Arabia Business Dinner on October 30, which served as a platform for in-depth discussions between Saudi enterprises and the Hong Kong delegation. The event resulted in the signing of multiple memoranda of understanding and cooperation agreements covering areas such as smart mobility, green energy, artificial intelligence, robotics, and digital transformation. Specific agreements included partnerships between the Hong Kong Trade Development Council and Digital Cooperation Organization, Beijing Yunji Technology Co., Ltd and Young Life Travel and Tourism Co., Limited, I2Cool Company Limited and Madar Building Materials Company Limited, Maphive Technology Limited and Arabian Business Machines Company, and Shenzhen RabbitPre Intelligence Technology Co., Ltd and HIBOBI Technology Limited.
Anna Cheung, Assistant Executive Director of the HKTDC, emphasized the importance of the mission in helping Hong Kong and mainland enterprises based in the city explore new business opportunities and strengthen Hong Kong-Saudi economic ties. She noted that the HKTDC will continue to promote bilateral cooperation through exhibitions, forums, overseas missions, and business matching activities, positioning Hong Kong as a gateway for Saudi enterprises seeking access to the Chinese Mainland and wider Asian markets. The successful mission underscores Hong Kong's evolving role as a superconnector and super value-adder in global trade, particularly in facilitating economic partnerships between Middle Eastern and Asian markets during a period of significant regional transformation.
