In a landmark move to fortify commercial ties between Hong Kong and Saudi Arabia, the Saudi Arabia-China Entrepreneurs Association (SCEA) signed a Memorandum of Understanding (MoU) with the Hong Kong Trade Development Council (HKTDC).
The MoU was inked during the eighth Belt and Road Summit. Organized jointly by the Hong Kong Special Administrative Region Government and HKTDC, the summit, themed “Ten Years of Cooperation for Mutual Benefit,” witnessed participation from nearly 6,000 officials and business leaders from almost 70 countries.
Highlighting opportunities in emerging markets along the Belt and Road Initiative, especially the Middle East and South East Asia, the summit saw Mr. John Lee, Chief Executive of the Hong Kong Special Administrative Region, reiterating the vast potential of the Middle East and ASEAN regions.
Lee praised successful partnerships like those with Hong Kong companies delivering hydrogen-powered cars, energy-saving services, and hotel industry collaborations in the Middle East.
The summit hosted its largest-ever number of Middle Eastern guests, including prominent figures like Egypt’s Minister of International Cooperation, Rania A. Al-Mashat, and UAE’s Minister of Economy, Abdulla Bin Touq AlMarri.
Jerry Li, Founding Partner of eWTP Arabia Capital and Director-General of the SCEA, emphasized the shared potential for Middle East-Hong Kong collaborations, particularly in finance, new energy, and digital technology.
He highlighted the Middle East’s development aspirations for 2030 and Hong Kong’s robust financial and tech prowess, hinting at a mutually beneficial partnership.
The non-profit SCEA, initiated by eWTP Arabia Capital to bridge Saudi Arabia and China’s private sectors, has been making significant strides. Its first Asian office, set up in Hong Kong this July, inked a cooperation MoU with 11 Mainland China and Hong Kong firms.
Moreover, facilitated by the SCEA, His Excellency Engineer Abdullah Al-Swaha, the Saudi Minister of Communications and Information Technology, visited Hong Kong, reaffirming the strengthened ties.
Under SCEA’s operation, eWTP Arabia Capital has collaborated closely with the Hong Kong government and major institutions since Lee’s Middle East visit earlier this year. It is actively paving the way for the presence of numerous Hong Kong industries in Saudi Arabia, marking a promising future for economic collaboration.