Blog
Visit to Saudi Arabia
Last week, I led a delegation of around 40 representatives from the innovation and technology (I&T), finance, and business sectors to Riyadh, Saudi Arabia, to participate in the ninth edition of the Future Investment Initiative (FII). At the summit, we showcased Hong Kong’s latest developments and emerging opportunities to international investors and business leaders gathered in Saudi Arabia, while also engaging in in-depth discussions on global macroeconomic trends. The visit also facilitated the signing of multiple agreements and Memoranda of Understanding (MoUs) between delegation members and local partners, further strengthening exchanges and collaboration in key areas such as I&T, fintech and the digital economy.
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| Leading a delegation from the financial and I&T sectors on a visit to Riyadh, Saudi Arabia last week. |
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| In a group photo with the MoU signatories at the Hong Kong-Saudi Arabia Business Dinner. |
Among the agreements signed, four focus on key innovation and technology areas: artificial intelligence (AI), smart sensing technology, robotics research and development, and environmental technology. Tech companies from Hong Kong and the Chinese Mainland will work closely with their respective Saudi partners on technology deployment, application development, and business expansion in the Middle East. Several tech company representatives noted that last year’s visit by the Hong Kong delegation to Saudi Arabia significantly enhanced local stakeholders’ understanding of the I&T strengths of both Hong Kong and the Chinese Mainland, laying a strong foundation for this year’s agreements. Others remarked that this visit helped accelerate the signing of framework agreements with their Saudi counterparts, marking an important step forward in cross-regional collaboration.
In addition, the Hong Kong Trade Development Council (HKTDC) signed a Memorandum of Understanding (MoU) with the Digital Cooperation Organization (DCO), which is headquartered in Saudi Arabia. The MoU aims to support start-ups and small and medium-sized enterprises (SMEs) from DCO member economies in leveraging Hong Kong as a gateway to the Asia-Pacific market. At the same time, it helps Hong Kong enterprises promote digital transformation and advance innovation and technology (I&T) development within DCO member countries. Together, these efforts lay a strong foundation for deeper and more strategic cooperation between Hong Kong and Saudi Arabia in the years ahead.
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| Speaking at a thematic discussion session of the FII in Riyadh, Saudi Arabia. |
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| Speaking at a thematic discussion session of the FII in Riyadh, Saudi Arabia. |
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| Speaking at a thematic discussion session of the FII in Riyadh, Saudi Arabia. |
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| Speaking at the Hong Kong-Saudi Arabia Business Dinner. |
Through our visits to Saudi Arabia and other parts of the Middle East in recent years, we have gained a deeper understanding of the region’s development priorities and strategic preferences. Take Saudi Arabia as an example. Under its Vision 2030, the country is making significant progress in diversifying its economy beyond oil. Major efforts are being directed toward developing infrastructure, tourism, and I&T to attract foreign investment. In Riyadh, large-scale projects are transforming the urban landscape. With each visit in recent years, we have witnessed the emergence of new landmarks and developments. Urban planning and architectural design are increasingly embracing green, sustainable and people-centric principles. Moreover, great emphasis is being placed on the adoption of innovative technologies and the nurturing of a dynamic start-up ecosystem.
The composition of this delegation was thoughtfully tailored to align with the development priorities of the region. It included representatives from financial institutions in Hong Kong and the Chinese Mainland, as well as founders and executives from enterprises in sectors such as AI, biomedicine, e-commerce, green energy, construction technology and new materials. For some start-up representatives visiting the Middle East for the first time, the trip has already yielded promising results — with follow-up negotiations now underway. These engagements mark an important first step toward entering new markets and advancing their international expansion.
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| Meeting with the Governor of the Public Investment Fund of Saudi Arabia, Mr Yasir Othman Al-Rumayyan. |
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| Meeting with Vice Minister of Finance of Saudi Arabia, Mr Abdulmuhsen bin Saad Alkhalaf. |
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| Attending a breakfast session hosted by HSBC during the FII. |
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| Leading the delegation to exchange views with representatives from the Saudi National Bank. |
In summary, our engagements with political and business leaders in Saudi Arabia and the broader Middle East have revealed significant potential for collaboration across at least three key areas as follows.
First, financial co-operation. Saudi Arabia and other Middle Eastern countries are accelerating their development, driving forward major infrastructure projects at full speed. These ambitious initiatives call for diversified funding sources and innovative financing models. Hong Kong, as a global financial hub where international and Mainland capital converge, offers a wide array of financial instruments and services. We host the world’s largest IPO market this year, Asia’s leading green finance market, and a robust bond market. In addition, Hong Kong provides innovative financing solutions such as infrastructure loan securitisation, catastrophe bonds, and public-private partnership models. Complemented by a deep pool of skilled professionals in the financial and professional services sectors, Hong Kong is well positioned to support the Middle East’s development while creating new growth opportunities for our own economy.
Preparations for the HKSAR Government’s second economic and trade office in the Middle East – the Economic and Trade office in Riyadh – are well underway. Meanwhile, the Hong Kong Exchanges and Clearing Limited (HKEX) has officially commenced operations at its new office in Riyadh. Financial regulators from both Hong Kong and Saudi Arabia have signed MoUs, further strengthening bilateral cooperation. In addition to the existing mutual listings of Exchange-Traded Funds (ETFs) on the stock exchanges of Hong Kong and Saudi Arabia, we will soon witness the first Middle Eastern company listed in Hong Kong. With a solid foundation built over the years, we anticipate that more Middle Eastern companies will explore listings in Hong Kong — or pursue dual listings in both markets — further deepening financial collaboration between the two regions.
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| Leading a delegation to meet with representatives of an intergovernmental organisation, the Digital Cooperation Organization. |
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| Visiting The Garage at the King Abdulaziz City for Science and Technology with members of the delegation. |
Second, I&T collaboration. During our visits to local start-up incubators and organisations promoting digital transformation, we observed a strong synergy between Hong Kong and Saudi Arabia in advancing innovation, technology, and digitalisation. Since the signing of a Memorandum of Understanding (MoU) by Hong Kong Science Park during our visit to Saudi Arabia last year, several Saudi start-ups have established a presence in Hong Kong, becoming part of our vibrant start-up ecosystem. Saudi Arabia has expressed keen interest in Hong Kong’s technology companies and start-ups — particularly in areas such as AI, healthcare, fintech, construction technology, green technology and smart city management. This sets a solid foundation for deeper collaboration and future growth.
Third, going global together. Under the "one country, two systems" framework, Hong Kong stands out as a truly international city with unique advantages. Its high concentration of global capital, talent and enterprises positions it as a strategic two-way platform — facilitating Mainland companies’ expansion into the Middle East, and enabling Middle Eastern enterprises to access the Mainland and broader Asian markets. This delegation represented a joint effort by both local and Mainland enterprises to “go global” and explore new markets together. Several Mainland start-ups successfully opened new market opportunities during the trip, with some signing Memorandums of Understanding (MoUs) along the way. Significant efforts were also made to invite major development companies to visit Hong Kong, conduct roadshows, and seek suitable local partners for collaboration.
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| Visiting Diriyah Company with delegation members. |
While strengthening our ties with traditional markets, we are also proactively expanding into emerging ones. This dual-track strategy is broadening Hong Kong’s international connectivity and market access. At the same time, our economy continues to gain positive momentum. In the third quarter, GDP grew by 3.8%, supported by strong export performance and a faster recovery in local consumption. Visitor arrivals have also maintained robust double-digit growth. We remain confident in achieving our growth targets for the year.
This week, Hong Kong will host two major financial events — the Global Financial Leaders’ Investment Summit and Hong Kong FinTech Week. The Summit will bring together around 300 international financial leaders, including more than 100 group chairpersons and CEOs, to explore key global issues in economics, trade, finance, and digital development. We look forward to engaging in in-depth discussions with these leaders. We will encourage them to seize the new opportunities emerging from the continued development of both Hong Kong and the Chinese Mainland — through fostering stronger partnerships and shared growth.
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| Visiting an election counter in Southern District yesterday to encourage voters to participate in the Legislative Council Election to be held on 7 December 2025. |
As Hong Kong continues to advance along the path of stability and positive development, it is crucial that we further strengthen the effectiveness of our governance. A more constructive and collaborative relationship between the executive and the legislature will be a key driver of progress. The nomination period for the 2025 Legislative Council Election has commenced, with many patriotic, dedicated and capable individuals already stepping forward to serve. Let us all cast our votes on December 7 to elect the best and the brightest to shape Hong Kong’s future!
November 2, 2025
