Exclusive | Saudi Arabia to showcase futuristic, zero-carbon megacity at Hong Kong investor roadshow
- The ambitious project is a key pillar of Vision 2030, the Kingdom’s plan to diversify its economy away from oil
- It could appeal to potential investors and partners from the city’s professional services sector in areas such as financial services, information technology and law
The man in charge of a showpiece project of Saudi Arabia’s plan to diversify its economy away from oil will bring a roadshow to Hong Kong inviting investors to back the ambitious development.
Nadhmi Al-Nasr, the chief executive officer of Neom – a US$500 billion futuristic megacity under construction on the country’s northwestern coast – is scheduled to host a half-day event on April 19 at the M+ in Hong Kong’s West Kowloon Cultural District.
Discover Neom, co-organised by the Belt & Road Office under Hong Kong’s Commerce and Economic Development Bureau, will feature presentations by Neom’s leadership, a “New Future by Design Tour”, and an evening reception from 6pm to 9pm, according to an invitation obtained by the Post.
Neom’s team will visit mainland China first before coming to Hong Kong, which is the last stop for the roadshow, according to a source familiar with the matter.
Neom, a central pillar Saudi Vision 2030, is likely to appeal to potential investors and partners from the city’s professional services sector, providing opportunities in areas such as IT, architecture, accounting and law.
“The construction of Neom is of great significance,” said Tse Yung-hoi, vice-president of the Chinese General Chamber of Commerce (CGCC) in Hong Kong, who confirmed the CGCC have been invited to the roadshow.
“The Middle East’s move toward diversifying its business and economy is creating boundless opportunities for us,” he said.
“Hong Kong’s international financial industry, professional services, together with technology and innovation sector, will play an Irreplaceable role in the economic transformation of Middle Eastern countries.”
The Chinese Manufacturers’ Association of Hong Kong, the Law Society of Hong Kong and the Federation of Hong Kong Industries have also received Neom’s invitation, according to separate sources with knowledge of the matter.
Attendees at the April 19 roadshow can learn of Neom’s approach to urban design, integrated economy and “future living” in a “nature first”, zero-carbon environment experience its diverse regions through immersive exhibitions, according to the invitation.
Meanwhile, guests can connect with the Neom leadership team and “explore significant partnership and investment opportunities that Neom has to offer”, it said.
Another Neom-related talk, organised by the Hong Kong government, will take place at M+ the following day with the theme of “Future City Development – Green and Digital”.
Francis Fong Po-kiu, honorary president of the Hong Kong Information Technology Federation, said the group had passed on the event invitation to its members.
A former Neom executive with knowledge about the project said the China tour had been planned for some time to attract new sources of investments. He added that the megaproject, which was earlier expected to cost US$1.5 trillion, had been scaled down in terms of the estimated population and the size of the linear city, The Line.
Neom has also eyed collaboration opportunities with Hong Kong’s hi-tech companies in different areas, the source said.
The project is so far said to be predominantly backed by Western investors. Neom calls itself a “mindset” and promises to be a zero-carbon urban centre powered entirely by renewable energy.
Its chief investment officer Manar Al-Moneef was in Hong Kong on March 26, speaking at the OneEarth Summit.
“When it comes to investment, companies will look into the initiative’s future development and whether it can make a fortune,” said Jeffrey Lam Kin-fung, the commerce sector lawmaker who led a business trip to the Middle East last year.
He described the project as a “good business opportunity” for the city.
