Hong Kong Delegation Strengthens Economic Ties with Saudi Arabia Through Riyadh Mission

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 significant mission in Riyadh from October 27 to 31. The delegation's participation in the Future Investment Initiative Summit and extensive business engagements marked a substantial step forward in strengthening Hong Kong-Saudi economic cooperation across multiple strategic sectors.

The visit successfully fostered exchange between Hong Kong and Chinese Mainland companies based in Hong Kong and their Saudi counterparts, deepening their understanding of the Middle East market while promoting Hong Kong's unique role as a superconnector and super value-adder in global trade. Saudi Arabia's position as the largest economy in the Middle East, with a GDP of US$1.084 trillion in 2024, makes this partnership particularly significant for Hong Kong's economic interests in the region.

Financial Secretary Paul Chan shared Hong Kong's experience in promoting various public-private partnership models during key thematic discussion sessions at the FII Summit. He emphasized that the HKSAR Government is expediting the development of the Northern Metropolis as a new engine for economic diversification, a key base for innovation and technology industries and a source of quality employment opportunities. This alignment with Saudi Arabia's Vision 2030 objectives creates natural synergies for collaboration.

The delegation held meetings with prominent local chambers and institutions including Saudi Awwal Bank, Saudi National Bank, Riyadh Chamber of Commerce and Industry and Saudi Chinese Business Council. These engagements facilitated substantial exchange in investment, cross-border finance, market expansion, academic collaboration and professional services. The delegation also visited major development projects including Diriyah Gate Development Authority, Red Sea Global, the New Murabba smart city and The Garage technology park, showcasing the breadth of Saudi Arabia's transformation initiatives.

A highlight of the visit was the Hong Kong-Saudi Arabia Business Dinner, which provided a valuable platform for in-depth discussions between Saudi enterprises and the delegation. The event fostered diverse collaboration opportunities and led to the signing of multiple memoranda of understanding and cooperation agreements covering areas such as smart mobility, green energy, AI, robotics and digital transformation. These agreements lay a solid foundation for future partnerships and demonstrate the concrete outcomes achieved during the mission.

Anna Cheung, Assistant Executive Director of the HKTDC, emphasized the importance of this collaborative effort, noting that the HKTDC will continue to promote bilateral cooperation through exhibitions, forums, overseas missions and business matching activities. The signed agreements included partnerships between 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.