Hong Kong’s Financial Secretary Paul Chan Mo-po’s recent visit to Saudi Arabia yielded significant results, strengthening financial cooperation efforts. Chan highlighted Hong Kong’s role in international markets, emphasizing opportunities for deeper partnerships with the Kingdom.
New Investment Fund Promotes Bilateral Growth
The Hong Kong Monetary Authority and Saudi Arabia’s Public Investment Fund (PIF) jointly established a $1 billion investment fund. The fund will focus on enterprises in Hong Kong and the Greater Bay Area, covering sectors like manufacturing, renewable energy, and fintech.
Roadshows and Agreements Drive Investment
Over 20 Hong Kong start-ups showcased their potential at Saudi Arabia’s Future Investment Initiative summit, with seven signing agreements. One fintech firm from Hong Kong Cyberport secured a commercial agreement with Saudi partners.
At a recent listing ceremony, Chan celebrated Saudi Arabia’s first exchange-traded fund (ETF) investing in Hong Kong stocks, now the Middle East’s largest. This ETF will attract regional investors, diversify investment options, and boost Hong Kong’s financial growth.
Deepening Financial Cooperation in Emerging Markets
Hong Kong representatives engaged in productive discussions with Saudi investors and financial regulators, focusing on financial services, product development, and talent training. This engagement strengthens Hong Kong’s role as a “super-connector” in global markets.
Saudi Arabia Embraces Hong Kong’s “Super-Connector” Status
Saudi investment firms recognize Hong Kong’s strategic position in bridging Middle Eastern markets with China, Europe, and the US. Chan’s visit underscores the potential for leveraging East Asian markets, supporting the Kingdom’s ambitions.
Hong Kong’s unique position in international finance attracts Saudi cooperation efforts. This relationship reflects Saudi Arabia’s goal to enhance access to the Chinese mainland’s market, fostering global connectivity and economic growth.
