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Hong Kong’s Middle East mission lays groundwork for new business opportunities

Hong Kong

Total of 13 MoUs signed during the week-long business mission showcasing Hong Kong strengths in finance, trade, tech and sustainability.

In response to the reopening of the Hong Kong-mainland border, the Hong Kong Trade Development Council (HKTDC) initiated a week-long business mission (3rd to 10th February 2023) to the Middle East. The mission was led by John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR).  

Mr. Lee was accompanied by principal officials Mr. Horace Cheung, Deputy Secretary of Justice, Mr. Christopher Hui, Secretary for Financial Services and Treasury and Mr. Algernon Yau, Secretary for Commerce and Economic Development. On the other hand, over 30 business leaders from finance, logistics, technology and professional services joined the mission to Riyadh, Abu Dhabi and Dubai.

A total of 13 Memoranda of Understanding (MoU) were signed during the mission signalling the new collaboration opportunities being built between Hong Kong and Middle East companies, focusing on business, finance, innovation and technology, sustainability and transport.

By showcasing Hong Kong’s strengths through business and official exchanges and proactive publicity, the mission deepened economic and trade relations, reaffirming Hong Kong’s role as the global gateway to Mainland China and as a leading business and investment hub in Asia. The mission also enhanced cultural exchange between Hong Kong, Saudi Arabia and the United Arab Emirates (UAE), helping attract investment and talent to Hong Kong.

The Hong Kong delegation met with senior representatives of government, local Chambers of Commerce, including the Saudi Chinese Business Council, Abu Dhabi Chamber of Commerce & Industry, Invest in Sharjah and Dubai Chambers, the last of which also announced the establishment of a Hong Kong office yesterday.

HKTDC Chairman Dr. Peter K N Lam said, “The Middle East has an important role to play in driving the global economy and has important strategic significance in supporting the development of the Belt and Road initiative. As Hong Kong reopens to the world, we have lost no time in organising this Hong Kong business delegation to the Middle East, led by the Chief Executive and three principal officials. In addition to presenting Hong Kong’s latest incentives and policies to attract investment and talent, we also introduced new opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and encouraged UAE and Saudi companies to take advantage of Hong Kong’s investment and business platforms.”

Dr. Lam added, “It was very clear from our meetings that Saudi Arabia and the UAE welcome deeper and broader ties with Hong Kong to support their strategic development. I am delighted that many MoUs have been signed across many sectors. These will lay a solid foundation for future long-term cooperation. With our 50 offices around the world, the HKTDC will continue to help businesses open doors and to promote Hong Kong as a global business hub.”

Below is the list of The MoUs signed during this mission:

Hong Kong Exchanges and Clearing Limited (HKEX) and Saudi Tadawul Group Holding Company
SenseTime and King Abdullah Financial District (KAFD) (Letter of Intent)
Hong Kong General Chamber of Commerce (HKGCC) and Riyadh Chamber
Templewater Ltd, Bravo Transport Services Ltd and Wisdom Motors (Hong Kong) Ltd and Nesma Holding Ltd
SenseTime and Sela Company (Letter of Intent)
Hutchison and King Salman Energy Park (SPARK)
HKTDC and Dubai Chamber
Ho & Partners Architects, Negawatt, Masdar City, and The Catalyst
HKSTP and Sharjah Research Technology & Innovation Park
Hong Kong Cyberport and Dubai Future Foundation
HKTDC and Invest in Sharjah
HKTDC and Abu Dhabi Chamber of Commerce & Industry
Federation of Hong Kong Industries (FHKI) and Abu Dhabi Chamber of Commerce & Industry

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