Hong Kong Chief Executive John Lee is leading a 30-strong delegation on a week-long work trip to the Middle East to forge close economic ties with Gulf states. The high-level visit comes two months after Chinese President Xi Jinping’s trip to Saudi Arabia for the China-Gulf summit with leaders in the region.
Standard Chartered’s Benjamin Hung says senior executives of sovereign wealth funds he met last week all agreed assets allocated to China ‘could be increased’.
Deputy CEO of city’s de facto central bank cites exchanges on recent trip to region, says there is keen interest in financial hub.
Chris Wan went to Abu Dhabi looking for new opportunities and stayed 15 years breaking new ground.
Source says John Lee’s Greater Bay Area visit will happen very soon as many SMEs in the Middle East had expressed an interest in the region.
Deputy Justice Minister Horace Cheung, who is accompanying city leader on week-long tour, says they instead want to discuss arbitration and mediation services that Hong Kong can offer.
But UAE could take months to decide whether to begin formal discussions on matter with city counterparts, according to source.
Emerging market focus understandable given current geopolitical tensions, but city will still need traditional markets such as US and Europe, observers say.
City leader also visits major industrial zone developed by Chinese company and rubs shoulders with royalty and leader of AI firm with ambitious plans in Asia.
Chief executive also meets head of state-owned oil company Saudi Aramco, promoting city’s pivotal role in helping it to attain listing there.
The collaboration could pave the way for the kingdom’s oil company Saudi Aramco – whose US$29.4 billion IPO in 2019 on the Tadawul remains the world record – to list its shares in Hong Kong.
Hong Kong Chief Executive John Lee selected 30 industrial and political heavyweights to accompany him on his first official Middle East tour. The chosen delegates reflect the focus of the city’s push for investment.
Chief Executive John Lee seen meeting state oil giant Aramco’s president and CEO Amin Nasser at a flagship technology conference.
City leader John Lee also announces that Hong Kong, Saudi Arabia will soon launch talks on an agreement to enhance mutual investment flows.
Meetings between Saudi officials, executives of world’s largest oil company and Chief Executive John Lee are scheduled for Sunday and Monday, sources say.
But economists say Hong Kong has become less appealing for Middle Eastern firms and caution Islamic law and finance may pose challenge for city’s businesses.
Chief executive urges junior government cohort heading to UN offices overseas to be part of charm offensive for ‘vitalised’ city.
Chief Executive John Lee in New Year’s Day speech says two main targets are to get city out of the Covid shadows and implement blueprint measures.