Hong Kong-Saudi Arabia Economic Partnership Strengthens Through Riyadh Business Mission
A high-level Hong Kong delegation's successful mission to Riyadh has established new economic partnerships and collaboration opportunities in innovation, technology, and sustainable development, positioning Hong Kong as a key connector between Saudi Arabia and global markets.
A business delegation jointly organized by the Government of the Hong Kong Special Administrative Region and the Hong Kong Trade Development Council concluded a significant mission to Riyadh, Saudi Arabia, strengthening economic cooperation between the two regions. Led by Financial Secretary Paul Chan, the delegation participated in the Future Investment Initiative Summit and engaged with senior government officials and business leaders to promote collaboration in innovation and technology, smart city development, artificial intelligence, fintech, and biotechnology.
The visit successfully facilitated exchange between Hong Kong and Chinese Mainland companies based in Hong Kong and their Saudi counterparts, deepening 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 represents Hong Kong's fourth-largest trading partner and third-largest export market in the region, with a GDP of US$1.084 trillion in 2024, making this partnership strategically important for both economies.
Saudi Arabia's Vision 2030 economic transformation plan, which aims to reduce reliance on oil and transform the country into a private sector-led, open economy, presents significant opportunities for Hong Kong and mainland enterprises. The delegation comprised approximately 40 representatives from sectors aligned with Saudi Arabia's diversification goals, including I&T, smart cities, AI, fintech, and biotechnology. During the FII Summit opening ceremony and thematic discussions, Financial Secretary Paul Chan shared Hong Kong's experience in promoting various public-private partnership models and highlighted the HKSAR Government's efforts to expedite development of the Northern Metropolis as a new engine for economic diversification.
Beyond summit participation, the delegation held meetings with key Saudi 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 exchange in investment, cross-border finance, market expansion, academic collaboration, and professional services.
The Hong Kong-Saudi Arabia Business Dinner served as a highlight of the visit, providing a platform for in-depth discussions between Saudi enterprises and the delegation. This 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 mission's success in helping Hong Kong and mainland enterprises explore new business opportunities while strengthening Hong Kong-Saudi economic ties. The HKTDC will continue to promote bilateral cooperation through exhibitions, forums, overseas missions, and business matching activities, encouraging more Saudi enterprises to leverage Hong Kong as a gateway to the Chinese Mainland and wider Asian markets. For additional information about the organization's activities, visit https://www.hktdc.com/aboutus.