Hong Kong and Saudi Arabia forge new partnership to boost infrastructure and trade ties

In a move to strengthen economic collaboration, Hong Kong and Saudi Arabia have signed a memorandum of understanding (MoU) aimed at enhancing cooperation in infrastructure development and expanding market access for Hong Kong’s professional services in the Saudi market.

The agreement was formalized on August 29 in a ceremony witnessed by Hong Kong Chief Executive John Lee and Saudi Arabia’s Minister of Investment, Khalid Al-Falih. This marks the first such agreement between Hong Kong and an overseas economy focused specifically on Belt and Road-related collaboration.

Under the MoU, Saudi Arabia’s Ministry of Investment (MISA) will facilitate the exchange of project information and help address market access challenges for Hong Kong firms. In return, Hong Kong’s Belt and Road Office will promote the city’s expertise in fields such as finance, technology, engineering, architecture, and legal services. The partnership also aims to foster joint efforts in investment promotion, tendering, and fundraising activities.

Chief Executive John Lee Ka-chiu highlighted the significance of the agreement, noting that it builds on the momentum of his high-level delegation visit to Saudi Arabia in 2023. He expressed confidence that Hong Kong’s role as an international hub for finance, trade, and innovation would strongly support Saudi Arabia’s Vision 2030 development plan.

In addition to the MoU, both sides are currently negotiating an Investment Promotion and Protection Agreement to further boost investor confidence and encourage two-way investment.

The partnership is expected to open new opportunities for Hong Kong businesses and professionals in the Middle East while supporting Saudi Arabia’s ambitious economic diversification goals.