Hong Kong’s Belt and Road Office signs MoU with Saudi Arabia

Hong Kong’s Belt and Road Office signed a memorandum of understanding with Saudi Arabia on 29 August to enhance information exchange in infrastructure and construction, as well as to facilitate the entry of Hong Kong professional services into the Saudi market.

The MoU was signed in Hong Kong by Commissioner for Belt and Road Nicholas Ho Lik-chi and Assistant Deputy for the Saudi Services Sector Fahad Alhashem and witnessed by Hong Kong Chief Executive John Lee Ka-chiu and Saudi Minister of Investment Khalid Al-Falih.

Under the agreement, the Belt and Road Office will share information on Hong Kong’s professional services with Ministry of Investment of Saudi Arabia (MISA) to support investment promotion, tendering and fundraising activities.

MISA, in turn, will provide information on infrastructure and construction projects, and help Hong Kong companies overcome potential challenges when entering the Saudi market.

Lee described the agreement as a significant milestone in collaboration between the two sides under the Belt and Road Initiative (BRI), saying that it is the first agreement between Hong Kong and an overseas economy focusing on infrastructure and construction.

He emphasised Hong Kong’s strategic advantages in supporting Saudi Arabia’s Vision 2030, which aims to develop extensive infrastructure projects to diversify the country’s economy away from oil and improve the quality of life. As a leading international hub for finance, shipping and trade, as well as a fast-rising international innovation and technology centre, he said Hong Kong was well-positioned to contribute to the ambition.

Hong Kong and Saudi Arabia are also currently negotiating an Investment Promotion and Protection Agreement to protect, enhance and open investment flows between the two economies.

“As we prepare for the tenth anniversary of the Belt and Road Summit that will be open in Hong Kong on 10 September, the agreement between the Kingdom of Saudi Arabia and Hong Kong is another significant step towards the growing relationship between the two states,” said Alan Fong, Sovereign Trust (Hong Kong) Managing Director – Asia.

“This closer collaboration brings mutual economic benefits and true alignment between the Belt and Road Initiative and Saudi Arabia’s Vision 2030. Sovereign has offices in both Hong Kong and Saudi and will be represented in the Global Investment Zone at the Summit. Please visit us to learn more about our services and how we can help you expand your business across the Asia and Gulf regions.”

Hong Kong has been working to build ties with the Middle East in a bid to attract investments as the growing partnership between the Gulf Cooperation Council (GCC) and dynamic Asian economies gains momentum. In May, a Hong Kong delegation led by Lee signed 35 memorandums of understanding and agreements to deepen cooperation with Qatar, ranging from investment to innovation and technology, with city residents also given 30-day visa-free access to the Gulf nation.

China is a key driver. GCC-China trade has risen by around 50% over the last decade and now almost matches the GCC’s combined trade with the US, UK, and Western Europe.

Al-Falih had earlier led a Saudi delegation on an official visit to China where he met China’s Commerce Minister Wang Wentao in Beijing. Bilateral trade exceeds USD100 billion annually, making China the Kingdom’s largest trading partner.

Chinese customs data showed that while the Asian country exported over USD50 billion worth of goods to the Kingdom in 2024 – including smartphones, solar panels and saloon cars – Saudi exports to China totalled USD57 billion, over 80% of which was oil.

The ministers discussed strengthening cooperation in global trade and boosting direct investment across several sectors. The meeting also saw the signing of the minutes of the Saudi-China Trade, Investment and Technology Committee.

China is ready to align the BRI with Saudi Arabia’s Vision 2030, expand bilateral trade, enhance two-way investment, and broaden cooperation in areas such as new energy, supply chains and capital markets, to further strengthen economic ties, Wang said.

Al-Falih said that China is a key strategic partner for Saudi Arabia. Riyadh is ready to deepen trade cooperation, support Saudi companies in expanding investment in China, and welcome more Chinese companies to invest in Saudi Arabia. The two countries will strengthen practical cooperation in advanced manufacturing, new energy, supply chains and industrial parks, further enriching their comprehensive strategic partnership.