Financial Secretary Welcomes Sohar International Bank's Historic Launch in Hong Kong

Speech by FS at launch event of Sohar International Bank in Hong Kong

Following is the speech by the Financial Secretary, Mr Paul Chan, at the launch event of Sohar International Bank in Hong Kong today (September 10):

Your Excellency Ambassador Al Hinai (Ambassador-at-Large at the Foreign Ministry of Oman, Mr Abdulaziz Abdullah Al Hinai), Your Excellencies, Nicholas (Commissioner for Belt and Road, Mr Nicholas Ho), Alpha (Director-General of Investment Promotion, Ms Alpha Lau), distinguished guests, ladies and gentlemen,

Good evening.

It is a pleasure to join you for the opening of Sohar International's representative office - the first presence of an Omani bank in Hong Kong, and Sohar International's first office in Asia. We are proud to serve as your gateway to this region, and grateful for your confidence in our city.

To our friends who have travelled from Muscat and Sohar, a very warm welcome to Hong Kong.

Sohar International's arrival reflects a broader momentum. Over the past few years, Hong Kong and the Middle East have drawn steadily closer - in trade and investment, finance, innovation and culture. Our trade with the Gulf states has grown strongly, while Gulf sovereign investors are allocating a significantly greater share of their global portfolios to Asia. This is more than a passing trend. It is a structural shift in capital and commerce, and Hong Kong is well placed to help connect the two regions. Your presence here is a welcome affirmation that these ties are deepening.

Others this evening will tell Sohar International's story far better than I can. Let me simply say that becoming Oman's second-largest and fastest-growing bank in less than two decades is a remarkable achievement. You bring to Hong Kong not only a wider geographical reach for our banking sector, but also deep market knowledge and strong connections across the Gulf. We are delighted to welcome you to our financial community.

Oman occupies a strategic position along the maritime Belt and Road. Your office here can help channel capital and facilitate trade and investments along these important routes. To support those flows, Hong Kong offers financial, legal and other professional services essential to projects in infrastructure, logistics, energy, agriculture and food security.

Hong Kong-Oman collaboration is already taking good shape. Future Fund Oman, part of the Oman Investment Authority (OIA), has partnered with a Hong Kong-headquartered alternative asset manager to launch Oman's first Energy Transition Fund.

And I am delighted to note that this morning, the OIA has announced its plan to participate in Hong Kong's vibrant start-up ecosystem by investing up to HK$250 million as a partner to the Innovation and Technology Venture Fund established by the Hong Kong SAR (Special Administrative Region) Government.

Projects like these bring together Omani sovereign capital, international investors, Hong Kong investment expertise and projects in both places. That combination illustrates how our strengths can complement one another. It also creates further opportunities for project finance, loan syndication and treasury solutions.

The partnership we celebrate tonight works both ways. For Hong Kong and Mainland enterprises looking to expand into the Gulf, Sohar International is a partner with deep sovereign and corporate relationships, first-hand market knowledge, and the experience to help businesses find the right opportunities and build the right connections.

In turn, Hong Kong offers your clients a gateway to the Chinese Mainland and across Asia, in particular the wider Guangdong-Hong Kong-Macao Greater Bay Area. They can draw on our capital markets, our asset and wealth management industry, our insurance and risk management expertise, our growing family office ecosystem, our top-notch talent pool, and the world's deepest pool of offshore Renminbi liquidity. Under the "one country, two systems" framework, Hong Kong combines close connectivity with the Mainland and internationally familiar business practices. This allows us to serve not only as a "super connector", bringing businesses and markets together, but also as a "super value-adder", helping those connections deliver lasting value.

You also arrive at a time of considerable strength for our financial sector. Hong Kong's asset and wealth management business reached a record US$5.4 trillion at the end of last year, up 20 per cent, while net fund inflows nearly tripled. We have enhanced the tax and regulatory environment for funds and family offices, and we are strengthening our capabilities in green and transition finance. For a bank with strong roots in energy, trade and infrastructure financing, Hong Kong offers you ample scope to prosper.

Ladies and gentlemen, a representative office is just a beginning. We look forward to supporting your growth and helping you turn new connections into lasting partnerships. My door - and those of the Hong Kong Monetary Authority and InvestHK (Invest Hong Kong) - will always be open.

Let me close by congratulating Sohar International on this important milestone. I wish you every success in Hong Kong and across Asia. Thank you.

Source: AI-found images

Speech by FS at launch event of Sohar International Bank in Hong Kong Source: HKSAR Government Press Releases

Speech by FS at launch event of Sohar International Bank in Hong Kong Source: HKSAR Government Press Releases

Source: AI-found images

CE meets Secretary of CPC Shenzhen Municipal Committee

The Chief Executive, Mr John Lee, met with the Secretary of the CPC Shenzhen Municipal Committee, Mr Jin Lei, at Government House today (September 10) to exchange views on deepening co-operation between Hong Kong and Shenzhen. They also witnessed the signing of a Memorandum of Understanding and a number ofagreements between the two places. Also attending the meeting were the Chief Secretary for Administration, Mr Chan Kwok-ki; the Deputy Financial Secretary, Mr Michael Wong; the Secretary for Financial Services and the Treasury, Mr Christopher Hui; the Secretary for Commerce and Economic Development, Mr Algernon Yau; the Secretary for Constitutional and Mainland Affairs, Miss Janice Tse Siu-wa; the Acting Secretary for Security, Mr Michael Cheuk; and the Director of the Chief Executive's Office, Ms Carol Yip.

Mr Lee welcomed Mr Jin and his delegation to Hong Kong. He said that Hong Kong and Shenzhen have long maintained close ties in areas such as economic and trade and people-to-people exchanges. Under the Hong Kong/Shenzhen co-operation mechanism, the two places have established various task forces to continuously enhance collaboration in different key areas. The Memorandum of Understanding and agreements signed today cover a number of areas, including finance, innovation and technology (I&T) and support services for enterprises going global, further advancing broader, deeper and higher-level co-operation between Hong Kong and Shenzhen. The two places will continue to work together to inject stronger impetus into the development of the Guangdong-Hong Kong-Macao Greater Bay Area.

Mr Lee said that, under the "one country, two systems" principle, Hong Kong enjoys the unique advantage of connecting the Mainland and the world. Hong Kong will continue to leverage its strengths as an international financial centre and its roles as a "super connector" and a "super value-adder". Through the Task Force on Supporting Mainland Enterprises in Going Global, Hong Kong will continue to serve Mainland enterprises, including those in Shenzhen, in expanding into international markets. China is the host of the Asia-Pacific Economic Cooperation (APEC) in 2026, and the 33rd APEC Economic Leaders' Meeting will be held in Shenzhen. The Hong Kong Special Administrative Region (HKSAR) Government will spare no effort in ensuring the success of the APEC Finance Ministers' Meeting to be held in Hong Kong, further deepen international exchanges and co-operation, and better integrate into and serve the overall national development.

Mr Lee said that Hong Kong's First Five-Year Plan, to be announced soon, will set out a blueprint for Hong Kong's future development and enable the city to seize the enormous opportunities brought by the National 15th Five-Year Plan. Hong Kong is pressing ahead at full speed with the development of the Northern Metropolis. According to the Global Innovation Index 2026, the Shenzhen-Hong Kong-Guangzhou innovation cluster again ranked first globally, fully demonstrating the strong capabilities and broad prospects of Hong Kong and Shenzhen in I&T development. The HKSAR Government will continue to promote the collaborative development of the "one zone, two parks" concept of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, and jointly contribute to the country's development into a nation that is strong in science and technology. At the same time, the HKSAR Government is making every effort to prepare for the smooth commissioning of the Huanggang Port. More than 100 system tests and drills of varying scales have been conducted and port operation arrangements are being continuously optimised, with the aim of further enhancing cross-boundary clearance efficiency and the service capacity of the port, to promote more efficient synergy between Hong Kong and Shenzhen.

CE meets Secretary of CPC Shenzhen Municipal Committee Source: HKSAR Government Press Releases