Hong Kong-Saudi Arabia Forge Tech & Green Energy Partnerships at FII Summit

A high-level business delegation jointly organized by the Hong Kong Special Administrative Region (HKSAR) Government and the Hong Kong Trade Development Council (HKTDC), led by Financial Secretary Paul Chan, recently concluded a significant visit to Riyadh, Saudi Arabia from October 27-31. The delegation's primary focus was participation in the prestigious Future Investment Initiative (FII) Summit, where they engaged with senior Saudi government officials and business leaders to strengthen economic cooperation between the two regions. The visit specifically targeted collaboration in cutting-edge sectors including innovation and technology, smart city development, artificial intelligence, fintech, and biotechnology, aligning with Saudi Arabia's ambitious Vision 2030 economic transformation plan. The delegation comprised approximately 40 representatives from various strategic sectors, reflecting the strong mutual interest in expanding bilateral ties.

During the visit, Financial Secretary Paul Chan shared Hong Kong's expertise in public-private partnership models at the FII Summit and highlighted the HKSAR Government's accelerated development of the Northern Metropolis as a new economic diversification engine. The delegation conducted extensive business engagements with key Saudi institutions including Saudi Awwal Bank, Saudi National Bank, Riyadh Chamber of Commerce and Industry, and the Saudi Chinese Business Council. They also visited major development projects such as Diriyah Gate Development Authority, Red Sea Global, the New Murabba smart city, and The Garage technology park, facilitating exchanges in investment, cross-border finance, and market expansion. These strategic visits to the HKTDC's global network of offices helped deepen understanding of the Middle Eastern market dynamics.

The visit culminated in the Hong Kong-Saudi Arabia Business Dinner, which served as a crucial platform for in-depth discussions and resulted in the signing of multiple memoranda of understanding and cooperation agreements. These agreements covered diverse areas including smart mobility, green energy, AI, robotics, and digital transformation. Specific partnerships included collaborations between the Hong Kong Trade Development Council and Digital Cooperation Organization, Beijing Yunji Technology and Young Life Travel and Tourism, I2Cool Company and Madar Building Materials, Maphive Technology and Arabian Business Machines, and Shenzhen RabbitPre Intelligence Technology and HIBOBI Technology. Anna Cheung, Assistant Executive Director of HKTDC, emphasized that the mission successfully helped Hong Kong and mainland enterprises explore new business opportunities while strengthening Hong Kong's role as a superconnector between international and Chinese markets.