A business delegation jointly organized by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC) and led by Financial Secretary Paul Chan visited Riyadh, the capital of Saudi Arabia, from October 27 to 31, 2025. The mission aimed to strengthen economic cooperation between Hong Kong and Saudi Arabia, focusing on sectors such as innovation and technology (I&T), smart cities, artificial intelligence (AI), fintech, and biotechnology, in line with Saudi Arabia’s Vision 2030.
Saudi Arabia is the largest economy in the Middle East, with a GDP of US$1.084 trillion in 2024. It is Hong Kong’s fourth-largest trading partner and third-largest export market in the region. The delegation comprised around 40 representatives from various sectors, reflecting strong interest in the Saudi market and highlighting Hong Kong’s role as a key platform connecting international and mainland enterprises.
On October 28, the delegation attended the Future Investment Initiative (FII) Summit, where Financial Secretary Paul Chan shared Hong Kong’s experience in promoting public-private partnership models. He noted that the HKSAR Government is expediting the development of the Northern Metropolis as a new engine for economic diversification and a key base for I&T industries.
In addition to the FII Summit, the delegation held meetings with local institutions, including Saudi Awwal Bank, Saudi National Bank, Riyadh Chamber of Commerce and Industry, and Saudi Chinese Business Council. They also visited major development projects such as Diriyah Gate Development Authority, Red Sea Global, the New Murabba smart city, and The Garage technology park. These engagements facilitated exchange in investment, cross-border finance, market expansion, academic collaboration, and professional services.
A highlight of the visit was the Hong Kong-Saudi Arabia Business Dinner on October 30, which provided a platform for in-depth discussions and led to the signing of multiple memoranda of understanding (MoU) and cooperation agreements. These agreements covered areas such as smart mobility, green energy, AI, robotics, and digital transformation, laying a solid foundation for future partnerships. Signatories included the Hong Kong Trade Development Council and Digital Cooperation Organization, Beijing Yunji Technology Co., Ltd and Young Life Travel and Tourism Co., Limited, I2Cool Company Limited and Madar Building Materials Company Limited, Maphive Technology Limited and Arabian Business Machines Company (a subsidiary of Olayan Saudi Holding Company), and Shenzhen RabbitPre Intelligence Technology Co., Ltd and HIBOBI Technology Limited.
Anna Cheung, Assistant Executive Director of the HKTDC, said: “The HKTDC is honoured to co-organise this mission with the HKSAR Government. Led by the Financial Secretary, this visit to Riyadh has helped Hong Kong and mainland enterprises based in the city explore new business opportunities and further strengthen Hong Kong-Saudi economic ties.” She added that the HKTDC will continue to promote bilateral cooperation through exhibitions, forums, overseas missions, and business matching activities, and looks forward to seeing more Saudi enterprises leverage Hong Kong as a gateway to the Chinese Mainland and the wider Asian market.
This mission underscores the importance of Hong Kong as a superconnector and super value-adder in global trade, particularly in facilitating collaboration between Chinese Mainland and Middle Eastern markets. The agreements signed are expected to drive innovation and economic growth in both regions, supporting Saudi Arabia’s Vision 2030 goals of diversifying its economy beyond oil.
