Read More
Hong Kong stands at a pivotal moment. The ambitious Northern Metropolis project, a development with a land area triple that of the existing urban core, represents the city's most significant vision for growth and integration with the Greater Bay Area.
ADVERTISEMENT
SCROLL TO CONTINUE WITH CONTENT
Yet, a vision of this scale requires more than blueprints; it demands a concerted mobilization of its most vital resources: its people and its capital. To materialize this future, Hong Kong must act decisively on two fronts – cultivating homegrown talent from the ground up and creating a truly welcoming environment for global, such as Middle Eastern, investment.
Seeding tomorrow's talent today
The success of mega-projects globally, from Saudi Arabia's NEOM to Kuwait Vision 2035, hinges on a deep pool of professionals. While Hong Kong's renowned architects and engineers are already sought after for such projects abroad, the Northern Metropolis needs them here at home.
The solution begins in the classroom. Local education, from secondary schools to universities, must integrate the Northern Metropolis into its curriculum. Students should understand the project's strategic importance, the array of careers it will create in engineering, urban planning, logistics and green technology, and their potential role in shaping it.
Beyond textbooks, organized field trips are essential. Familiarity breeds commitment. By physically connecting the younger generation with this vast, developing area, we can transform an abstract concept into a tangible future – fostering a sense of ownership and inspiring them to become the talent that will build and manage the metropolis.
Clearing the path for global capital
The government has taken crucial steps to assure investors. The passage of the Government Leases Renewal Ordinance in July last year was a masterstroke, eliminating legal ambiguity by guaranteeing lease renewals for 50 years without a hefty premium. This provides the foundational certainty that both local and international investors require. Building on this, various business sectors have rightly called for further relaxed measures to attract a broader range of participants.
However, to truly captivate one of the most promising sources of capital – investors from the Middle East – Hong Kong must urgently address a long-standing gap: its Islamic finance ecosystem. For years, the city has spoken about becoming an Islamic finance hub, yet tangible progress has been slow. The Northern Metropolis cannot wait.
The time to step up is now. This means developing a robust framework for Sukuk (Islamic bonds) issuance, ensuring tax neutrality for Islamic financial products comparable to conventional ones, and building expertise within our financial institutions. Without these pillars, Hong Kong risks being overlooked by a vast pool of Sharia-compliant capital eager for sustainable, long-term infrastructure projects exactly like the Northern Metropolis.
A call to action
The Northern Metropolis is more than a construction project; it is a test of Hong Kong's resolve and adaptability. By strategically matching its youth and global economy, the city can secure the human and capital investment needed. The foundation of legal certainty is laid; the next critical steps are to nurture the builders and secure the financiers. The future of Hong Kong depends on it.
