It also used the method to build InnoCell at the Hong Kong Science Park in 2021, assembling 418 prefabricated modules into a 17-storey dormitory in just 71 days, shortening the traditional building time by 40 per cent.

“Nowhere else other than mainland China has done projects of this sort of scale, at this speed. It’s a strong assurance that we are not selling dreams which may or may not work,” she said.

Hong Kong’s John Lee wraps up Saudi Arabia stop at tech conference

Lee, who was part of the Hong Kong delegation, said her firm followed up with their counterparts from the Gulf states, offering innovative solutions to development projects there.

These include setting up “temporary cities” that are quite unique in the Middle East for annual mega pop-up religious and commercial events.

“That’s what the Middle East needs. They lack highly-skilled construction workers, but demand getting things done fast. They want to get away from having 5,000 workers on site while quality can’t be guaranteed.”

During the mission, 13 memorandums of understanding were signed, including one between Hong Kong bus operators and one of Saudi Arabia’s largest private conglomerates, Nesma Holding.

New World First Bus and Citybus, which operate 1,700 buses on 200 routes in the city, merged last year and are owned by Hong Kong-based alternative investment firm Templewater via Bravo Transport Services. Templewater also acquired Wisdom Motor, which made the city’s first electric double-decker bus.

Hong Kong, Saudi Arabia sign 6 deals as Lee vows ‘new level of cooperation’

Templewater chairman and CEO Cliff Zhang Kun said negotiations were under way to upgrade Saudi Arabia’s bus fleets with zero-emission vehicle technologies and redesign its bus routes to ease traffic congestion.

He said the company could help its partners improve efficiency.

“They’re looking to ramp up tourism with a lot of mega projects, so an efficient and well-managed bus network is necessary,” he said.

Wisdom Motor was also considering establishing a production facility in the Middle East, he said.

John Lee jetting off to Middle East, Southeast Asia no fix for Hong Kong: experts

Commuters in the Saudi capital Riyadh currently rely heavily on private cars and ride-hailing services. The first phase of its bus service, with 340 buses on 15 routes, was only launched last month and is being expanded.

A metro network with 85 stations in the city and a new national airline, Riyadh Air, are also being planned under the kingdom’s Vision 2030 initiative led by Crown Prince Mohammed bin Salman.

Zhang, who was also in the Hong Kong delegation, said it was an opportune time for the city’s firms to carve their niche in the Gulf states, given the region’s strengthening ties with the mainland.

China, Saudi Arabia sign 34 energy and investment deals during Xi visit

Chinese President Xi Jinping’s visit to Riyadh last year signalled a new trade relationship as both countries agreed to strengthen their partnership to move past oil and deepen coordination across industries.

Total merchandise trade between Hong Kong and members of the Gulf Cooperation Council – Saudi Arabia, UAE, Bahrain, Kuwait, Oman and Qatar – amounted to HK$100 billion (US$13 billion) in 2020.

One of the pacts signed during the mission was between the Hong Kong Trade Development Council and Dubai Chambers which has three business entities, including the Dubai International Chamber.

Free-trade agreement ‘logical next step’ for Hong Kong and UAE, John Lee says

Junjie Si, chief representative of the latter’s international office on the mainland, said it was setting up an office in Hong Kong, its fifth in Asia, after Shanghai and Shenzhen on the mainland, Mumbai in India and Baku in Azerbaijan.

The new Hong Kong office was recruiting staff to build stronger ties with public and private sector stakeholders in the city. The chamber was also organising a delegation to visit Hong Kong later this year.

“There is room for enhanced cooperation in professional services,” he said.

Jonathan Wheeler, Dubai-based director of strategic partnerships at TMF Group, which provides commercial consultancy services, said the number of foreign companies in the Arabian peninsula had risen sharply as rising geopolitical tensions prompted many to diversify risks from both the United States and China.

But he cautioned newcomers to the Arab market to be aware of policies favourable to locals.

For example, the UAE’s “Emiratisation rules” required companies to employ Emiratis, with the minimum proportion of their staff rising from 3 per cent by July this year to 10 per cent by 2027.

There could also be top-up payments for Emiratis, who could earn more than foreigners in both the private and public sectors. Firms that do not comply will be fined.

“I can see that being an obstacle going forward for foreign businesses, especially professional services,” Wheeler said.

The UAE’s population in 2021 was almost 10 million, of which only 1.15 million were Emiratis.

“Quite a lot of them are already employed by the government. So actually, the population to hire can be very, very, very, very small,” he said.

He added that some legislation under Islamic sharia law, which strongly influenced the UAE’s legal system, could be vague, for example, with regards to property owned by foreign nationals.

Hong Kong leader meets head of UAE sovereign wealth fund during Middle East trip

In cases of ambiguity in the laws, the courts could interpret them based on principles identified within the legislation themselves.

“In some sense, this is to encourage dialogue. The authorities hope to make sure you talk to them and are on the same page with them. I don’t see that as necessarily a bad thing, as long as there’s consistency,” he said.