SCMP: Saudi Arabia to deepen ties with Hong Kong
Fintech, tech entrepreneurship, and efforts to attract venture capitalists (VC) investment are among the areas of collaboration, according to the South China Morning Post.
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Minister of Communications and Information Technology Abdullah Al-Swaha at the G20 digital ministers' meeting in Bali. (SPA)
According to Saudi Minister of Communications and Information Technology Abdullah Al-Swaha, Saudi Arabia intends to strengthen its engagement with Hong Kong, utilizing the city as a bridge to mainland China to stimulate its transformation under the Vision 2030 economic plan.
In an interview with the South China Morning Post, the minister explained that key areas of partnership with Hong Kong include fintech, technical entrepreneurship, and tactics to recruit venture capitalists (VC).
Other sectors in which the kingdom is interested in forming collaborations include health sciences and biotechnology, the environment, cloud computing, artificial intelligence (AI) - especially generative AI - and smart cities, he added.
Read more: China willing to strengthen practical cooperation with KSA: Xi Jinping
Al-Swaha stated that technological entrepreneurship and strategies to attract the funding of venture capitalists are also important areas of collaboration.
Other sectors in which the kingdom is interested in forming collaborations include health sciences and biotechnology, the environment, cloud computing, artificial intelligence (AI) - especially generative AI - and smart cities, he added.
The minister detailed that "[Hong Kong and Saudi Arabia] are going through very promising transformations, where both economies are financial hubs in their own regions."
“We have an opportunity to build an innovation bridge, to leapfrog into the future with an innovation-based economy.”
A world-class model Saudi eager to replicate
Al-Swada called the "world-class" transformation of information and communications technology (ICT) a "success story" that Saudi Arabia is eager to replicate.
Chief Executive John Lee Ka-Chiu expressed during a gala dinner at the HKSTP that the Hong Kong government has prioritized relations with Saudi Arabia as well as the Middle East.
The city’s Information and Technology (I&T) Development Blueprint, unveiled six months ago, outlines Hong Kong’s commitment to new industrialization and its ambition as a global I&T center, Lee said.
Part of that blueprint includes consolidating Hong Kong’s role as a bridge connecting mainland China with the world, in what Lee has termed a “value-added super connector.”
According to reports, the Saudi Arabia-China Entrepreneurs Association, a private-sector guild founded during the MCIT's LEAP 2023 conference in February, would establish its headquarters in Hong Kong. Another area of possible collaboration is biotechnology, where Hong Kong is establishing itself as the world's second-largest investment destination for pharmaceutical start-ups after the Nasdaq.
“There are similar challenges in healthcare, where we look to [our] partners to tackle such [diseases] as Type II diabetes, chronic diseases, the prevention and prediction of cancer,” the minister disclosed.
He went on to say that China is a critical partner in "skilling and upskilling" Saudi Arabia's 340,000-strong digital workforce, helping to double the country's computer-savvy population in five years.
According to Al-Swaha, cooperation in technology and digital talent is "a cornerstone" in assisting China and Saudi Arabia in achieving their respective growth plans.
ICT development necessitates a strong digital infrastructure, such as a 5G network, which Saudi Arabia has sought from Chinese firms, despite the fact that Huawei Technologies and ZTE are sanctioned by the US due to deteriorating US-China ties.
The minister told the SCMP, that Saudi Arabia is “pro-partnership and pro-openness," and willing to cooperate with any partner " that can comply with our security and regulatory requirements."
Al-Swaha is scheduled to visit Huawei in Shenzhen after he visits Hong Kong.
As Chinese corporations seek to increase their presence in the Middle East, Saudi Arabia has reciprocated by investing in Chinese stocks listed on the Nasdaq and in Hong Kong, including Pinduoduo, the AI behemoth SenseTime, and Alibaba Group Holding.
The ties between China and Saudi Arabia have developed after Xi's official visit to Riyadh in December, the first in six years, to attend the Riyadh-China Arab Summit for Cooperation and Development.
