​The Financial Secretary, Mr Paul Chan, continued his official visit to Saudi Arabia yesterday (October 29, Riyadh time), leading a delegation to participate in activities of the Future Investment Initiative (FII). During the visit, Mr Chan engaged in in-depth exchanges with local political and business leaders, and visited local innovation and technology institutions, as well as urban planning and conservation projects.

     In the morning, Mr Chan attended a breakfast session hosted by HSBC at the FII and took part in a fireside chat, during which he shared his insights on the prospects for strengthening economic, trade and financial ties between Hong Kong and the Middle East.

     Mr Chan noted that against the backdrop of increasing global geopolitical and economic fragmentation, economic and financial links between China as well as other parts of Asia and the Middle East continue to deepen. Hong Kong will further leverage its role as an international financial centre and provider of world-class professional services to support Mainland enterprises in going global, expanding their industrial and supply chains, and tapping into overseas markets. At the same time, Hong Kong stands ready to offer capital and professional services to Middle Eastern businesses seeking to enter the Mainland and Asian markets. Furthermore, with its highly internationalised financial system, diversified financing channels, and innovative financial solutions, Hong Kong is well placed to promote cross-border capital flows as well as provide diversified and flexible infrastructure financing models, such as infrastructure loan securitisation.

     Mr Chan added that Hong Kong is accelerating cross-border financial and innovation and technology collaboration with the Middle East. This includes enhancing capital market connectivity, such as mutual listing of exchange-traded funds (ETFs), and encouraging Middle Eastern businesses to list in Hong Kong. In terms of innovation and technology, a number of start-ups and tech companies from Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area have already established a presence in the Middle East. In response to questions, Mr Chan said Hong Kong is stepping up efforts to develop artificial intelligence (AI), both as a core industry and as an enabler to help upgrade and transform various sectors. The Government is also taking the lead in adopting AI to enhance efficiency and service quality.

     Later in the day, Mr Chan and the delegation visited the Saudi National Bank, the largest state-owned commercial bank in the country, and attended a meeting with its senior management. Members of the Hong Kong delegation introduced their respective businesses and conveyed interest in connecting with financial institutions, investors and enterprises in Saudi Arabia in order to explore opportunities in the Middle Eastern market. In the concluding remarks, Mr Chan highlighted Hong Kong's active role in fostering two-way investment and capital flows with Saudi Arabia, particularly in supporting Hong Kong and Chinese Mainland enterprises to invest and establish businesses in the region. He expressed the hope that both sides would enhance co-operation and seize greater business opportunities.

     In the afternoon, the delegation visited the headquarters of the Digital Cooperation Organization (DCO) and met with its Director-General, Dr Hajar El Haddaoui. The DCO is a multilateral international organisation based in Riyadh, Saudi Arabia, aimed at fostering co-operation and coordinated development among member states in the digital economy. Currently comprising 16 member countries from the Middle East, Asia and Africa, and 39 observers including non-regional countries, international organisations and business entities, the DCO's core objectives include enhancing digital infrastructure, promoting inclusive and innovative technology, increasing youth and women participation in technology, and establishing international co-operation platforms conducive to the growth of digital enterprises.

     During the meeting, members of the delegation outlined their core business areas and future development directions. The DCO warmly welcomed the delegation and expressed interest in facilitating greater exchanges between start-ups and innovation enterprises from its member states and the Hong Kong delegation, with a view to promoting innovation and industrial co-operation between the two sides.

     The delegation also visited The Garage, an innovation and technology incubation platform under the King Abdulaziz City for Science and Technology, to gain a deeper understanding of its operations and the local government's policies in nurturing start-ups. Both sides discussed potential collaboration in areas such as incubation, talent exchanges and scientific research.

     Subsequently, the delegation visited Diriyah and visited the At-Turaif, a UNESCO World Heritage Site. They also learnt more about the Diriyah Gate Project, a major urban revitalisation initiative. The visit provided insights into local strategies and latest developments in heritage conservation, city planning and the diversification of the tourism sector.

     In the evening, Mr Chan attended a welcome dinner hosted by the China Council for the Promotion of International Trade for Chinese and Saudi business communities.

     Mr Chan will continue his visit in Riyadh today (October 30, Riyadh time) before concluding the trip and returning to Hong Kong.

Ends/Thursday, October 30, 2025
Issued at HKT 9:00

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