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 participated in the Future Investment Initiative Summit and engaged in extensive business meetings with senior government officials and business leaders to promote collaboration between Hong Kong and Saudi Arabia across multiple strategic sectors.

The visit focused on strengthening cooperation in innovation and technology, smart city development, artificial intelligence, fintech, and biotechnology, aligning with Saudi Arabia's Vision 2030 objectives. Saudi Arabia represents Hong Kong's fourth-largest trading partner and third-largest export market in the Middle East region, with a GDP of US$1.084 trillion in 2024. The economic transformation outlined in Vision 2030 aims to reduce the country's reliance on oil and transition toward a private sector-led, open economy, creating substantial opportunities for international partnerships.

During the FII Summit opening ceremony on October 28, Financial Secretary Paul Chan shared Hong Kong's experience in promoting various public-private partnership models. He highlighted the HKSAR Government's efforts to accelerate 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. The delegation comprised approximately 40 representatives from sectors including I&T, smart cities, AI, fintech, and biotechnology, reflecting strong business interest in the Saudi market.

The delegation engaged in multiple business meetings with local institutions including Saudi Awwal Bank, Saudi National Bank, Riyadh Chamber of Commerce and Industry, and Saudi Chinese Business Council. Site visits to major development projects such as Diriyah Gate Development Authority, Red Sea Global, the New Murabba smart city, and The Garage technology park facilitated exchanges in investment, cross-border finance, market expansion, academic collaboration, and professional services. These engagements demonstrated Hong Kong's unique role as a superconnector and super value-adder in global trade relationships.

A key achievement 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 delegation. The event resulted in the signing of multiple memoranda of understanding and cooperation agreements covering smart mobility, green energy, AI, 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 significance 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. The HKTDC will continue to promote bilateral cooperation through exhibitions, forums, overseas missions, and business matching activities, positioning Hong Kong as a gateway to the Chinese Mainland and wider Asian markets for Saudi enterprises. The successful mission lays a solid foundation for future partnerships and demonstrates the growing economic synergy between Hong Kong and Saudi Arabia amid global economic transformation.