Hong Kong on track for growth target, deepens Middle East ties, Paul Chan says

Hong Kong’s economy is on track to meet its full-year growth target, expanding 3.8 percent in the third quarter from a year earlier on the back of resilient exports, a faster rebound in local consumption and double-digit growth in tourist arrivals, Financial Secretary Paul Chan Mo-po said in his blog.

Chan last week led a 40-member delegation of innovation, technology and financial services representatives to Riyadh, Saudi Arabia, to attend the Future Investment Initiative Summit.

He said the visit resulted in several cooperation deals, including four agreements on artificial intelligence, spatial sensing, robotics and environmental technology, under which Hong Kong and Chinese mainland firms will work with Saudi partners to expand technology applications and business in the Middle East.

Some tech representatives said last year’s visit helped Saudi partners gain a deeper understanding of Hong Kong and the mainland’s innovation capabilities, laying the groundwork for this year’s cooperation, Chan said.

Meanwhile, the Hong Kong Trade Development Council also signed a memorandum of understanding with the Saudi Arabia–based Digital Cooperation Organization to strengthen startup and small business connectivity between Hong Kong and member economies, paving the way for broader digital and innovation partnerships in the future, Chan added.

Chan said Hong Kong will soon see its first initial public offering by a company headquartered in the Middle East, adding that more firms from the region are expected to list in Hong Kong or pursue dual listings as earlier groundwork begins to bear fruit.