A business delegation jointly organized by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC) and led by Financial Secretary Paul Chan visited Riyadh, Saudi Arabia, from October 27 to 31. The delegation attended the Future Investment Initiative (FII) Summit and met with senior government officials and business leaders to promote collaboration between Hong Kong and Saudi Arabia in areas such as innovation and technology (I&T), smart city, AI, fintech, and biotechnology, supporting the goals of Saudi Arabia's Vision 2030.
The visit successfully fostered exchange between Hong Kong and Chinese Mainland companies based in Hong Kong and their Saudi counterparts, deepened their understanding of the Middle East market, and promoted Hong Kong's unique role as a superconnector and super value-adder in global trade. Saudi Arabia is the largest economy in the Middle East, with a GDP of US$1.084 trillion in 2024. As of 2024, it is Hong Kong's fourth-largest trading partner and third-largest export market in the region. Saudi Arabia's Vision 2030 aims to reduce reliance on oil and transform the country into a private sector-led, open economy, enhancing national competitiveness and attracting foreign investment, particularly in infrastructure, tourism, and green energy.
The delegation comprised around 40 representatives from sectors including I&T, smart cities, AI, fintech, and biotechnology. On October 28, the delegation attended the FII Summit opening ceremony and a key thematic discussion session, where Financial Secretary Paul Chan shared Hong Kong's experience in promoting various public-private partnership models. He noted that the HKSAR Government is expediting the development of the Northern Metropolis as a new engine for economic diversification, a key base for I&T industries, and a source of quality employment opportunities.
In addition to attending the FII Summit, the delegation held meetings with local chambers and institutions, including Saudi Awwal Bank, Saudi National Bank, Riyadh Chamber of Commerce and Industry, and Saudi Chinese Business Council. They also visited major development projects, including Diriyah Gate Development Authority, Red Sea Global, the New Murabba smart city, and The Garage technology park. These engagements facilitated exchange in investment, cross-border finance, market expansion, academic collaboration, and professional services.
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 (MoU) and cooperation agreements, covering areas such as smart mobility, green energy, AI, robotics, and digital transformation, laying a solid foundation for future partnerships.
Anna Cheung, Assistant Executive Director of the HKTDC, said: "The HKTDC is honoured to co-organise this mission with the HKSAR Government. Led by the Financial Secretary, this visit to Riyadh has helped Hong Kong and mainland enterprises based in the city explore new business opportunities and further strengthen Hong Kong-Saudi economic ties." She added that the HKTDC will continue to promote bilateral cooperation through exhibitions, forums, overseas missions, and business matching activities, and looks forward to seeing more Saudi enterprises leverage Hong Kong as a gateway to the Chinese Mainland and the wider Asian market.
Multiple MoUs and cooperation agreements were signed at the Hong Kong-Saudi Arabia Business Dinner on October 30, including between HKTDC 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 (a subsidiary of Olayan Saudi Holding Company), and Shenzhen RabbitPre Intelligence Technology Co., Ltd and HIBOBI Technology Limited.
