Hong Kong and Saudi Arabia are boosting their information and technology collaboration with the visit of Saudi Minister of Communications and Information Technology (MCIT) Abdullah Al-Swaha and the signing of various agreements on Sunday.

Hong Kong Science and Technology Parks Corporation (HKSTP) and Saudi focused investment institution eWTP Arabia Capital (eWTPA) said in a joint statement that 11 companies have signed Memorandum of Understanding (MOU) with eWTPA and shown their interests in entering the Saudi market and participating in SCEA.

These companies include Aerosim (HK) Limited, D-Engraver Limited, FJ Dynamics International Limited, FreeD Group Limited, GoGoChart Technology Limited, Triavo Limited (Floship), XtalPi, Insilico Medicine, H World Group Limited, New Horizon Health and CIMC ENRIC.

SCEA is a non-profit organization supported by the MCIT and the Saudi Federation for Cybersecurity, Programming and Drones.

Established in February 2023, it has since attracted over 100 members, many of which are Hong Kong-based enterprises.

By starting a chapter in Hong Kong, SCEA seeks to connect business communities in Hong Kong, Mainland China, and Saudi Arabia.

“There are tremendous opportunities of collaboration in innovation and technology between Hong Kong and Saudi Arabia,

“The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) market presents boundless opportunities for tech companies, start-ups and talent,” said John Lee, Chief Executive of Hong Kong.

Meanwhile, Abdullah Al-Swaha said the visit marks a new milestone in Saudi Arabia relationship with Hong Kong, not only by shaping new horizons for technology and innovation together, but also by creating tremendous opportunities for Hong Kong’s technology enterprises in the Kingdom.

According to him, this will promote the two countries bilateral exchange, enhance their economic development, and allow them to shape a future of cooperation and collaboration.

HKSTP Chairman Dr Sunny Chai said they are witnessing a golden age in Hong Kong and Saudi relations, of which both their markets offer complementary value.

He said that HKSTP offers a unique platform which brings the best of Hong Kong’s status as an international research, innovation and finance hub to tech ventures by bridging research, commercialization and finance.

“I’m proud to see our park companies grow in our city and scale into Saudi Arabia, as well as the new paths being paved for Saudi companies to come to Hong Kong,

“Greater collaboration, understanding and partnership will only offer mutual benefits for the development of innovation and technology for both our markets,” he added.

SCEA Director General and eWTPA Founding Managing Partner Jerry Li said he believes that Hong Kong will play an important role in China-Saudi relations, serving as a bridge for technological and economic collaboration between the two countries.

“We aim to enable Hong Kong’s leading financial and technology companies to establish a presence in Saudi Arabia, thereby contributing to the economic diversification of the country in line with Saudi Arabia’s Vision 2030,

“We also hope to facilitate the listing of companies from both countries on Saudi and Hong Kong’s stock exchanges,” he said.

In addition to Hong Kong-based companies expanding to the Middle East, there are also positive discussions about paving ways for Saudi companies to establish a presence and list in Hong Kong, and for Saudi investors to access opportunities in China.

Hong Kong Exchanges and Clearing (HKEX) Chief Executive Officer Nicolas Aguzin said this is a very exciting time for collaboration between Hong Kong and the Kingdom of Saudi Arabia.

“Hong Kong is uniquely positioned to connect capital from Saudi Arabia to the exciting growth opportunities in China, and to connect Saudi companies with China and the region’s vast pool of investment capital,

“At HKEX, we have the right channels, platforms and products to support increased connectivity between China and the Middle East, and we look forward to working with our partners in both regions to connect, promote and progress our markets and the communities they support for the prosperity of all,” he added.

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