Hong Kong Chief Executive John Lee Meets Top Executives from Saudi Arabia Oil Giant Saudi Aramco for IPO in Hong Kong, Discussions with Saudi Arabia & UAE Leaders to Drive Mutual Investment Flows
9th February 2023 | Hong Kong
Hong Kong Chief Executive John Lee has met top executives from Saudi Arabia oil giant Saudi Aramco for a potential IPO (Initial Public Offering) in Hong Kong, and discussed with Saudi Arabia & United Arab Emirates leaders to drive mutual investment flows during his travel to Saudi Arabia & United Arab Emirates. Hong Kong Chief Executive John Lee was in Saudi Arabia (5/2/23 to 7/2/23) and is currently in United Arab Emirates (7/2/23 to 11/2/23), leading a Hong Kong SAR government and business delegation, and to promote the Belt and Road Initiative. The Belt and Road Initiative by China that seeks to connect Asia with Africa, Europe & America through a global infrastructure a network (land & maritime) to improve regional integration, and increasing trade & economic growth. More info below on Hong Kong Chief Executive John Lee travel to Saudi Arabia & United Arab Emirates. Hong Kong’s Chief Executive Mr John Lee: “The UAE is Hong Kong’s largest trading partner in the Middle East region. We treasure this long-standing relationship, and I believe that we can now take it to a higher level.
“ Hong Kong Chief Executive John Lee Meets Top Executives from Saudi Arabia Oil Giant Saudi Aramco for IPO in Hong Kong, Discussions with Saudi Arabia Leaders to Drive Mutual Investment Flows“
Hong Kong Chief Executive John Lee in Saudi Arabia – 6th Feb 2023
HKDTC 6th Feb 2023 – A delegation of business leaders from the Hong Kong Special Administrative Region (HKSAR), led by the city’s Chief Executive Mr John Lee and principal government officials, has arrived in Riyadh to explore collaboration opportunities with the business community of Saudi Arabia.
Over the past two days, the delegation discussed with Saudi government and industry leaders how Hong Kong can facilitate the Kingdom’s strategic development via its role as a global financial hub and China’s international gateway.
Riyadh is the first of three stops on this week-long mission to the Middle East, organised by the Hong Kong Trade Development Council.
The 30-strong delegation includes senior executives from Hong Kong’s financial institutions and regulator as well as major players in innovation and technology (I&T), sustainability and smart city solutions.
At a press conference followed by an investment forum and dinner officiated by the Saudi Minister of Investment H.E. Khalid Al-Falih and attended by some 300 Saudi Arabian guests yesterday, Chief Executive Mr John Lee, said, “Saudi Arabia is a strong economy of the Gulf region and a growing source of foreign direct investment. Driven by Vision 2030, the dynamic blueprint for the future, Saudi Arabia is destined to take its place as an economic powerhouse built on diversity, sustainability, and innovation and technology. Hong Kong has long been the Asia-Pacific region’s multi-level bridge for foreign and Mainland Chinese businesses and investors. As our integration with the Mainland continues to deepen, so, too, do the opportunities for Hong Kong – and the economies and companies that work with Hong Kong.”
Mr Lee was joined by three officials: Deputy Secretary of Justice Mr Horace Cheung, Secretary for Financial Services and Treasury Mr Christopher Hui and Secretary for Commerce and Economic Development Mr Algernon Yau.
At the investment forum, H.E. Khalid A Alfalih said: “This visit comes on the heels of numerous historic visits between our two countries starting with the visit of President Xi in 2016 following which the ties between the two countries deepened. Through this collaboration we aim at further developing various sectors whether it be asset management, private equity, wealth management – or in fintech, which saw an exponential growth of 79 per cent between 2021 and 2022.”
He added:” Saudi Arabia has the largest regulated capital markets in the region, with the largest stock exchange in the MENA region. Due to evolving trends we are also making efforts to strengthen global supply chains and have launched a dedicated global supply chain resilience initiative. This will be a great opportunity for China and Hong Kong-based companies to use the KSA as a platform for adding value to products customised for the Middle East region and beyond.”
HKTD Chairman Dr Peter K N Lam said, “Saudi Arabia has an important role to play in the global economy, similar to China. And as a global financial hub, China’s international gateway and a commercial hub for the Belt and Road Initiative, Hong Kong can facilitate opportunities to help drive development initiatives around the world. We are pleased to organise a delegation of Hong Kong business leaders to come and discuss collaboration opportunities – not only in our traditional sectors of finance and trade, but also in new areas in tech and innovation, smart city and sustainability solutions. Creating opportunities has been the work of the Hong Kong Trade Development Council for over 55 years, and I am hopeful that we can continue to help Hong Kong businesses play a part in the exciting growth of Saudi Arabia and the regional overall.”
Other business leaders from Hong Kong and Saudi Arabia also exchanged views at the investment forum yesterday.
Additionally, at the press conference, Mr Darryl Chan, Chief Executive of the Hong Kong Monetary Authority, the city’s financial regulator, as well as Dr Sunny Chai, Chairman of the Hong Kong Science and Technology Parks Corporation and Federation of Hong Kong Industries, and Mrs Betty Yuen, Chairman of the Hong Kong General Chamber of Commerce, represented various sectors in Hong Kong, including finance, technology and smart city and sustainability development as well as business and professional services.
The delegation has met with key enterprises in Riyadh to exchange ideas and learn more about Saudi Arabia’s Vision 2030. They visited major institutions, such as the Saudi Stock Exchange and the NEOM exhibition.
As a two-way platform between China and the world and as one of the world’s top financial centres, Hong Kong has been supporting businesses and investors worldwide to tap into the vast China and Asia market and has been playing a major role in the global financial system with its unique connectivity to China’s market.
As part of China, but operating under an international system, Hong Kong provides special access to and from the mainland in the flow of capital, goods, technology and people, as defined in the country’s national 14th Five-Year plan.
Hong Kong is also a commercial hub for the Belt and Road Initiative, a global development plan initiated by China, and part of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) – an area in Southern China earmarked by the Chinese government to become a powerhouse of capital, I&T and cultural exchange driving the country’s development.
With its common law system, low tax regime, advanced infrastructure and connectivity and as a its world-renowned global trade and business hub, Hong Kong is well-placed to support businesses from all over the world to invest and grow.
Recently, the HKSAR Chief Executive announced in his Policy Address 2022 a wide array of incentives and measures to attract international strategic enterprises and investments to Hong Kong, particularly in areas such as life sciences, health technology, artificial intelligence and data science, financial technology, advanced manufacturing and new energy technology.
Several Memoranda of Understanding (MoU) were signed at the Investment Forum yesterday. These include:
- Hong Kong Exchanges and Clearing Limited (HKEX) and Saudi Tadawul Group Holding Company
- SenseTime and King Abdullah Financial District (KAFD) (Letter of Intent)
- Hong Kong General Chamber of Commerce (HKGCC) and Riyadh Chamber
- Templewater Ltd, Bravo Transport Services Ltd and Wisdom Motors (Hong Kong) Ltd and Nesma Holding Ltd
- SenseTime and Sela Company (Letter of Intent)
- Hutchison and King Salman Energy Park (SPARK)
This evening, the delegation will travel to Abu Dhabi and then onwards to Dubai, to meet with senior government and business leaders of the United Arab Emirates.
Hong Kong Chief Executive John Lee in Dubai, UAE – 9th Feb 2023
HKDTC 9th Feb 2023 – A delegation of business leaders from the Hong Kong Special Administrative Region (HKSAR), led by the city’s Chief Executive and principal officials and organised by the Hong Kong Trade Development Council (HKTDC), is in the United Arab Emirates (UAE) this week to strengthen existing business ties and develop new areas of collaboration in technology, sustainability and smart city development, in addition to traditional sectors of finance and trade.
With Hong Kong’s unrivalled access to China and Asia and the UAE’s role as a gateway to the Gulf Cooperation Council (GCC) and European markets, the relationship between the two commercial centres is already providing important benefits to a range of businesses.
The arrival of the high-level business delegation, which comprises senior executives from Hong Kong’s financial institutions, financial regulators as well as major players in innovation and technology (I&T), sustainability and smart city solutions, will help accelerate the commercial ties between the HKSAR and the Emirates, and support the strategic development of the UAE, Hong Kong and mainland China.
The important strategic relationships, which exist between China and the UAE, are based on a shared backing for liberal trade policies, investment in cutting-edge technology, low tax regimes and backing for pro-business regulation.
A press conference was held on 8 February in Dubai, followed by a business forum and dinner in the presence of H.E. Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, H.E. Mr Abdul-Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers and H.E. Sultan Bin Sulayem, Chairman of Dubai International Chambers.
Hong Kong’s Chief Executive Mr John Lee said: “The UAE is Hong Kong’s largest trading partner in the Middle East region. We treasure this long-standing relationship, and I believe that we can now take it to a higher level. That’s why I’m here, together with these business leaders from Hong Kong – some 30 strong – to tell you that our business and investment doors are wide open and welcoming for UAE companies and investors. For a world of opportunities.”
“The commercial and political ties between Hong Kong and the UAE are growing ever stronger. It is clear we both approach business in the same way, backing innovation, investing in technology and looking for sustainable solutions. This business mission to the UAE shows the depth of existing commercial relationships and the potential to do a lot more.”
In response, H.E. Dr Thani bin Ahmed Al-Zeyoudi stressed the strength and durability of the strategic relations between the United Arab Emirates and the People’s Republic of China, which are witnessing continuous development, especially in the areas of economics and trade. The forward-looking and visionary leadership of the two countries is building a strong partnership, opening up new opportunities and broadening bilateral economic cooperation.
His Excellency added: “Strengthening investment and trade partnerships with Hong Kong supports the strategic cooperation between the UAE and China and contributes to opening new business fields, stimulating communication between the Emirati-Chinese business communities, especially in light of new economic opportunities”.
His Excellency continued: “The value of foreign trade between the UAE and Hong Kong amounted to about AED32 billion (US$8.7 billion ) during the first 9 months of 2022, achieving a growth of 36% compared to the same period in 2021, while Hong Kong was among the top 10 trading partners for the UAE during 2021, with a contribution of more than 2% of the UAE’s total non-oil trade.”
His Excellency indicated that the forum represents an important step in supporting increased trade and enhancing prospects for bilateral cooperation in a wide range of sectors, especially shipping, logistics, the service sector and air transport. It maximises benefits for Emirati companies and their counterparts in Hong Kong.
HKTDC Chairman Dr Peter K N Lam mentioned in his opening remarks that “Dubai and Hong Kong are natural partners, when it comes to creating business opportunities. The signing of three MoUs* at our event tonight shows the tremendous potential for deeper collaboration. Creating business opportunities has been the work of the Hong Kong Trade Development Council for over 55 years, and I am pleased to be part of these exciting times.”
Representing the business community in Dubai, H.E. Abdul-Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, commented: “I am proud to say that the UAE is the largest trading partner for Hong Kong in the Middle East. Non-oil trade between the UAE and Hong Kong reached AED22.2 billion in the first half of 2022, registering 16.2% growth compared to the first half of 2021. With the presence of our new international office in Hong Kong, I look forward to seeing continued collaboration with our Hong Kong counterparts and seeing the relationship between our countries thrive and prosper even more.”
In the trade delegation, Chief Executive Mr Lee is joined by three principal officials: Deputy Secretary of Justice Mr Horace Cheung, Secretary for Financial Services and Treasury Mr Christopher Hui and Secretary for Commerce and Economic Development Mr Algernon Yau.
Other business leaders from Hong Kong and the Emirates also exchanged views at a panel discussion yesterday. Chaired by Mr Yau, panel speakers included Mr Nicolas Aguzin, Chief Executive Officer of Hong Kong Exchanges and Clearing Ltd, Dr Sunny Chai, Chairman of the Federation of Hong Kong Industries and Chairman of the Hong Kong Science & Technology Parks Corporation (HKSTP), Mr Horace Cheung, and H.E. Hussain Al Mahmoudi, Chief Executive Officer of Sharjah Research Technology & Innovation Park (SRTIP) and H.E. Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai International Chamber.
*3 MOUs have been signed between:
- HKTDC and Dubai Chamber
- Ho & Partners Architects, Negawatt, Masdar City, and The Catalyst
- HKSTP and Sharjah Research Technology & Innovation Park
Hong Kong: Ready for business
As a two-way platform between China and the world and as one of the world’s top financial centres, Hong Kong has been supporting businesses and investors worldwide to tap into the vast China and Asia market as well as playing a major role in the global financial system with special connectivity to the China market.
As part of China, but operating under an international system, Hong Kong provides special access to and from the mainland in the flow of capital, goods, technology and people, as defined in the country’s national 14th Five-Year Plan. Hong Kong is also a commercial hub for the Belt and Road Initiative, a global development plan initiated by China, and part of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) – an area in Southern China earmarked by the Chinese government as a powerhouse of capital, I&T and cultural exchange driving the country’s development.
With the city’s common law system, low tax regime, advanced infrastructure and connectivity and a long history as an international trade and business hub, Hong Kong is well-placed to support businesses from all over the world to invest and grow.
Recently, the HKSAR Chief Executive announced in his Policy Address 2022 the wide array of incentives and measures to attract international strategic enterprises and investments to Hong Kong, particularly in areas such as life sciences, health technology, artificial intelligence and data science, financial technology, advanced manufacturing and new energy technology.
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.
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