Riyadh trip showcased city's 'unique value'

Staff reporter

Hong Kong's high-powered delegation to Riydah facilitated several collaborations during its visit to the Saudi capital, Financial Secretary Paul Chan Mo-po says.

He added that Hong Kong offers unique value to overseas markets.

The delegation of over 100 representatives from finance and technology, witnessed the listing of the first two exchange-traded funds tracking Hong Kong stocks in Saudi Arabia, one of which is the largest of its kind in the Middle East.

Last November, the first ETF tracking Saudi stocks listed in Hong Kong.

Chan revealed that the Hong Kong Monetary Authority and the Saudi Public Investment Fund signed a memorandum of understanding to establish a US$1 billion (HK$7.8 billion) fund targeting companies from Hong Kong and the Greater Bay Area operating in Saudi Arabia across sectors such as manufacturing, renewable energy, fintech and healthcare.

Meanwhile, Hong Kong Science and Technology Parks and Hang Seng Indexes signed separate cooperation agreements with Saudi partners, including the Future Investment Initiative Institute and the Saudi Tadawul, to enhance collaboration and knowledge sharing, Chan said.

More than 20 Hong Kong startups showcased their projects at the FII conference, with some invited by Saudi investors to explore potential business partnerships, Chan said.

He added seven of these startups signed MoUs with Middle Eastern firms and institutions to jointly pursue development opportunities and practical applications.

Moreover, Chan also mentioned that the first FII Asia Summit was successfully held in Hong Kong last year, and talks are underway with FII to bring the event back next year.