FS to visit Saudi Arabia again later this year

Financial Secretary Paul Chan on Wednesday said he would visit Saudi Arabia again later this year to strengthen ties with the Middle East and explore collaboration opportunities.

The remarks came as he delivered a speech at the inaugural "LEAP East" in Wan Chai, which is the first time that the major tech exhibition and conference - branded as LEAP - was holding an event outside the Middle East.

The LEAP technology platform was originally launched in Saudi Arabia in 2022 and serves as one of the world's largest tech events.

Speaking at the three-day event, Chan noted that capital markets in the SAR and Saudi Aria have been "linked" via mutual listings of exchange traded funds (ETFs) as well as various companies.

He added there was "enormous potential" for the two regions to further cooperate, and that he would resume official trips to the region - following a suspension earlier this year due to the conflict in the Middle East.

"I plan to lead a delegation to Saudi Arabia again later this year, bringing leading companies in infrastructure, green tech, healthcare and advanced manufacturing, plus professionals in the finance, investment and professional services sector, to explore concrete projects that will advance your goals and deepen our partnership," he told participants.

Chan also praised the Saudi Vision 2030, the Kingdom's roadmap to diversify its economy away from oil, citing that its ambition has "inspired him" on his every visit there.

He added the SAR is the ideal gateway and platform for companies from Asia to expand into the Middle East and for entities from Saudi Arabia to tap into Asian markets.

"We warmly welcome Saudi and Gulf enterprises to leverage Hong Kong's capital markets - through listings, bond issuance, asset management, or other partnerships," he said.

"Let Hong Kong be your international fundraising and risk-management platform, connecting you with investors and markets across Asia and beyond."

LEAP East is also the inaugural global edition of the LEAP exhibits, with its Hong Kong debut drawing some 35,000 attendees from more than 30 countries and regions.

The event, which is backed by the SAR as a new partner, would also be hosted in the city every year over the next three years, according to Chan.

The finance minister's remarks also came as the city's flagship carrier, Cathay Pacific, announced it would resume passenger flights to Dubai and Riyadh from September, six months after suspending services due to the war in the Middle East.

Edited by Tony Sabine ...