Hong Kong’s Science and Technology Parks Corporation (HKSTP) is leading its largest delegation of start-ups to Saudi Arabia for the Future Investment Initiative (FII) forum in KAICC, Riyadh. The forum will take place from October 29 to 31. HKSTP has incubated more than 1,200 companies.
These companies are involved in sectors such as biotechnology, new energy, robotics, artificial intelligence (AI), and data science. The start-ups attending the summit are more established and have significant contributions to offer. They are mainly in line with Saudi Arabia’s Vision 2030 Initiative.
This initiative aims to diversify the oil-dominated economy through innovative and green technologies. Albert Wong Hak-keung is the CEO of HKSTP. He emphasized the strategic importance of the Middle East market for Hong Kong start-ups.
“The Gulf countries have a lot of demand for green energy, biotechnology, and other innovative products,” Wong noted in an exclusive interview. These Hong Kong start-ups have much to offer to Saudi Arabia’s Vision 2030 Initiative to diversify its oil-dependent economy by introducing more innovative and green technology.
Among the delegation is AusMed Global, a biotechnology firm specializing in non-invasive medical devices. Christine Yip, the founder and CEO of AusMed Global, is among the delegation.
She expressed optimism about the strong demand for her company’s diabetes-monitoring device, which operates by analyzing a patient’s breath. Hong Kong’s start-ups’ participation in the FII forum signifies a key opportunity for technological exchange and collaboration between Hong Kong and Saudi Arabia. It furthers both economies’ goals for innovation and diversification.
Cathay Pacific Airways has relaunched a direct passenger service to the Saudi Arabian capital, Riyadh. This marks a significant development for business and travel between the two regions. Hong Kong’s flagship carrier now operates three weekly return flights between Hong Kong and Riyadh with its state-of-the-art Airbus A350-900 aircraft.
Hong Kong start-ups join Riyadh summit
This service offers options across business, premium economy, and economy classes. It is the only direct connection between the two cities.
The relaunch comes after the route was previously canceled in March 2017 due to poor demand. The first flight took off on Monday, signaling a new chapter in the bilateral relationship between Hong Kong and Saudi Arabia. Paul Chan, Hong Kong’s Financial Secretary, expressed optimism about the potential of the new route.
The route will unlock new opportunities for investments, trade, and collaborations, particularly in areas such as innovations and technology,” Chan stated. The announcement was part of a broader initiative, highlighted by a delegation of 110 leaders from various regulatory bodies and the financial and technology sectors. Included in this delegation was Clara Chan Ka-chai, CEO of the government-owned Hong Kong Investment Corporation.
The financial secretary noted that such collaborations would facilitate bilateral investments for better returns by leveraging both sides’ resources. Cathay Pacific’s decision to reinstate this route is seen as a pivotal move to foster stronger economic ties and enhance travel convenience between Hong Kong and Riyadh. Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) government, announced on Sunday that fintech collaboration between Hong Kong and the Middle East is poised to reach a significant new milestone.
In his blog, Chan revealed that he will lead a business delegation of representatives from the financial and innovation sectors to Riyadh, Saudi Arabia, on Monday for a three-day visit. The delegation aims to foster deeper exchanges between Hong Kong’s financial and innovation communities and their counterparts in the Middle East. Key activities during the visit will include participation in the 8th Future Investment Initiative.
The delegation will engage in discussions and networking opportunities aimed at exploring cooperation and two-way investment. A notable highlight will be witnessing the listing of the first two exchange-traded funds (ETFs) tracking Hong Kong’s stock index on the Saudi exchange. This marks a significant step in bilateral financial relations.
Chan emphasized that this trip will not only focus on financial markets but also aim to accelerate and enhance cooperation in innovation and technology between the regions. He and other delegation members will deliver speeches at the Future Investment Initiative, showcasing Hong Kong’s role as a “super-connector” and “super value-adder” in the global economy.
