Saudi Arabia proves worth of city having the right connections
- Financial hub Riyadh plans to deepen its collaboration with Hong Kong, using the city’s unique advantage as a bridge to mainland China
Hong Kong’s international status and connections have never been more important to its success. And they are being tested, as rivals strive for growth amid a sluggish global recovery from the pandemic. Declines in the city’s standings in competitiveness and new listings tables may reflect that. To meet the challenge, the city must leave no stone unturned to capitalise on its role as a bridge and super connector to the Chinese market, including collaboration with other regional financial hubs.
So it is good to hear that Saudi Arabia, a Middle Eastern financial centre, plans to deepen its collaboration with Hong Kong, using the city’s unique advantage as a bridge to the mainland.
Hong Kong to prioritise boosting ties with Saudi Arabia, John Lee says
Saudi Minister of Communications and Information Technology Abdullah Al-Swaha, on a visit to Hong Kong, said key areas included fintech, technological entrepreneurship and strategies to attract the funding of venture capitalists. Hong Kong also welcomes Saudi start-ups to raise capital, and not just Aramco, the Saudi Arabian public petroleum and natural gas company.
The minister outlined a number of areas of interest to Saudi Arabia within Hong Kong’s specialities, such as biotech and the fundraising that goes with it, artificial intelligence, robotics and smart cities.
He chose Hong Kong as the starting point for a whirlwind China trip to explore the potential of digital transformation and information and communications technology.
At an event to mark the launch of a Hong Kong chapter of the Saudi Arabia-China Entrepreneurs Association, 11 hi-tech firms, including eight located at the Hong Kong Science and Technology Park, signed deals with an Arabian venture capital firm to explore opportunities in the Middle East.
Chief Executive John Lee Ka-chiu said that since his visit to Saudi Arabia and the United Arab Emirates in February, a number of local companies had followed up with Saudi businesses, exploring openings in sectors such as banking, investment and architecture.
Hong Kong’s information and technology blueprint includes its role as what Lee terms a “value-added super connector” of the mainland with the world. In that regard there will also be a special Middle East session in Hong Kong’s Belt and Road Summit in September.
Saudi Arabia to use Hong Kong as bridge to China’s tech prowess
This highlights how Hong Kong’s role as a connector has been fully recognised by the Saudis, a reminder to other countries and investors that they should not overlook it. Hopefully, it will also prompt the city’s flag carrier, Cathay Pacific Airways, to consider operating a direct flight to Riyadh, instead of via Abu Dhabi.
