Financial Secretary Paul Chan concluded the final day of his visit to Saudi Arabia.
Strengthening partnership: Financial Secretary Paul Chan (left) meets Governor of the Public Investment Fund of Saudi Arabia Yasir Othman Al-Rumayyan on deepening collaboration in investment and innovation. Image source: news.gov.hk
In the morning, Mr Chan met Governor of the Public Investment Fund (PIF) Yasir Al-Rumayyan to exchange views on deepening ties in investment and innovation and technology development. Mr Chan noted that over the past few years, Hong Kong and the PIF have built a solid foundation for co-operation across various sectors. He expressed hope that future collaboration can be further strengthened to contribute to the Belt & Road Initiative and support the development goals of Saudi Arabia’s Vision 2030.
Mr Chan also led the Hong Kong delegation on a visit to New Murabba, a flagship urban development project in Riyadh. During the visit, Mr Chan met New Murabba Development Company Chief Executive Officer Michael Dyke, and attended a business exchange session.
Remarking that Hong Kong possesses internationally recognised strengths in urban planning, architectural design, engineering consultancy, construction technology innovation, as well as project management and financing, Mr Chan noted the keen interest of Hong Kong professionals in participating in large-scale urban development projects abroad. He invited New Murabba Development Company to conduct a roadshow in Hong Kong to identify partners and explore financing opportunities.
The finance chief also attended two networking events, including a high-level luncheon hosted by local bank SAB, and the Hong Kong – Saudi Business Dinner co-organised by the Hong Kong Economic & Trade Office in Dubai and Invest Hong Kong, where he delivered keynote speeches.
Urban development: Mr Chan (fourth right) exchanges views with New Murabba Development Company’s representatives. Image source: news.gov.hk
Mr Chan emphasised that with the unique advantages of “one country, two systems”, Hong Kong serves as a two-way platform connecting the Chinese Mainland with the rest of the world. He added that Hong Kong’s strengths in finance, commerce, logistics, and innovation and technology, together with its integration with the Greater Bay Area, offer significant potential for broader collaboration with Saudi Arabia. He welcomed members of the Saudi business community to come and explore co-operation opportunities and expand their business.
The visit to Saudi Arabia yielded fruitful outcomes, including the signing of five agreements or memoranda of understanding between members of the Hong Kong delegation and local partners. Mr Chan witnessed several of the signing ceremonies.
On a visit to Saudi Arabia, Financial Secretary Paul Chan, leading a delegation, participated in activities of the Future Investment Initiative, engaged in exchanges with local political and business leaders, visited local innovation and technology (I&T) institutions, and viewed urban planning and conservation projects.
Incubation platform: Financial Secretary Paul Chan (second right) visits The Garage in King Abdulaziz City for Science & Technology to learn about policies in nurturing startups. Image source: news.gov.hk
In the morning, Mr Chan attended a breakfast session of the Future Investment Initiative and took part in a fireside chat to share his views on the prospects for strengthening economic, trade and financial ties between Hong Kong and the Middle East.
Mr Chan noted that against the backdrop of increasing global geopolitical and economic fragmentation, economic and financial links between China as well as other parts of Asia and the Middle East continue to deepen, and Hong Kong will further leverage its role to support Mainland enterprises in going global, expanding their industrial and supply chains, and tapping into overseas markets.
Hong Kong, while standing ready to offer capital and professional services to Middle Eastern businesses seeking to enter the Mainland and Asian markets, is well placed to promote cross-border capital flows as well as provide diversified infrastructure financing models, he stressed.
The finance chief added that Hong Kong is accelerating cross-border financial and I&T collaboration with the Middle East, with a number of startups and tech companies from Hong Kong and the Greater Bay Area establishing a presence in the Gulf.
Later in the day, the Financial Secretary and the delegation met Saudi National Bank’s senior management. The Hong Kong delegates introduced their respective businesses and conveyed interest in connecting with financial institutions, investors and enterprises in Saudi Arabia in order to explore business opportunities. In concluding remarks, Mr Chan highlighted Hong Kong’s active role in supporting investment and capital flows with Saudi Arabia.
The delegation called on the Digital Cooperation Organization in the afternoon. Its Director-General Hajar El Haddaoui expressed interest in facilitating greater exchanges between startups and innovative enterprises from its member states and the Hong Kong delegation.
The delegation also visited The Garage, an I&T incubation platform under the King Abdulaziz City for Science & Technology, to understand its operations and the local government’s policies in nurturing startups. Both sides discussed potential collaboration in areas such as incubation, talent exchanges and scientific research.
Afterwards, the Hong Kong group toured Diriyah and the At-Turaif district, a UNESCO World Heritage Site, to learn about urban revitalisation initiatives there.
In the evening, Mr Chan attended a welcome dinner hosted by the China Council for the Promotion of International Trade for Chinese and Saudi business communities.
