At the opening ceremony of the Hong Kong Pavilion, Sun Dong, Secretary for Innovation, Technology and Industry of the HKSAR government, emphasizes that LEAP 2024 is on the top of the agenda in his first official trip to Saudi Arabia. (PROVIDED TO CHINA DAILY)
Hong Kong’s technology sector is making a splash at LEAP 2024, with a first-ever special pavilion at the prominent tech event in Riyadh, Saudi Arabia, which opened on Monday.
Hong Kong Science and Technology Parks Corp and Cyberport Hong Kong are showcasing the city’s startup ecosystem and fostering business ties amid a Middle East tech boom and a new phase of China’s Belt and Road Initiative.
The two major technology and innovation promotion hubs in Hong Kong are co-hosting the first Hong Kong pavilion at the third edition of LEAP, also dubbed “Digital Davos”, which will run through Thursday.
READ MORE: HKSTP, Cyberport to spearhead LEAP in Riyadh
Albert Wong, CEO of HKSTP (first right), and Peter Yan, CEO of Cyberport (first left), sign an MoU with Khalid A. Aldakkan, Senior Vice-President for Innovation Parks, KACST (center), under the witness of Sun Dong, Secretary for Innovation, Technology and Industry of the HKSAR government (second left) and H.E. Dr. Munir M. Eldesouki, President, King Abdulaziz City for Science and Technology (second from right), to form a strategic partnership between the Hong Kong and Saudi I&T ecosystems, accelerating the growth and development of start-ups and talent. (PROVIDED TO CHINA DAILY)
Addressing the pavilion’s launch ceremony, Sun Dong, Hong Kong’s secretary for innovation, technology, and industry, said the pavilion provides an ideal platform for Hong Kong’s tech ventures to showcase their cutting-edge technologies and innovative solutions.
“It is also a valuable opportunity for our tech mission to interact with global tech leaders, potential partners, and investors here, and to demonstrate the I&T strengths that Hong Kong can bring to the world,” he added.
The event also saw the signing of a memorandum of understanding between HKSTP, Cyberport, and Saudi Arabia’s King Abdulaziz City for Science and Technology.
LEAP marked a significant milestone for the city’s information and technology industry on the global stage, with 16 cutting-edge technologies showcased by Hong Kong participants.
The Hong Kong pavilion also features eight firms from HKSTP, representing various innovative sectors such as biotech, health tech, logistics, AI, robotics, and new energy.
The HKSTP Pavilion mimics Hong Kong’s iconic I&T landmark – the “Golden Egg”, showcasing cutting-edge innovation ranging from biotech, healthtech, logistics, AI, robotics, to new energy from eight
forward-looking Park companies. (PROVIDED TO CHINA DAILY)
HKSTP CEO Albert Wong Hak-keung said the company aims to promote partnerships with Saudi businesses and inject new energy into the BRI, including the participating members in the Middle East.
“A golden era of innovation and technology is emerging in Hong Kong, the (Guangdong-Hong Kong-Macao) Greater Bay Area, and across Asia, and we see incredible co-innovation potential in the joining of our two ecosystems in Hong Kong and Saudi Arabia,” Wong said.
“HKSTP’s participation in LEAP 2024 signifies our commitment to leaping into new worlds and embracing the new cradle of global innovation, which is multilateral and impactful,” he said. “Our mission is to propel success by advancing in the journey from research to commercialization, from innovation to financial success, for both homegrown and international startups.”
ALSO READ: HK, Saudi Arabia boost I&T cooperation with new deals
Hong Kong’s vibrant startup scene ranks second globally and first in Asia among the Top 100 Emerging Ecosystems, with an estimated worth of $70 billion, twice the global average, according to the “Global Startup Ecosystem Report 2023”.
Featuring 16 innovative solutions from HKSTP and Cyberport tech companies, the Hong Kong Pavilion provides a global platform for Hong Kong to demonstrate its I&T strengths. (PROVIDED TO CHINA DAILY)
LEAP 2024 also has an Asia partner, eWTP Arabia Capital or eWTPA, a venture capital firm based in Beijing and Riyadh, acting as a bridge linking Chinese companies and emerging markets in the Middle East and North Africa. The firm is backed by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund.
Jerry Li, managing and founding partner of eWTPA, said, “LEAP is a platform that can help tech companies demonstrate their products and technology capacity, enhance their international presence and enhance cooperation opportunities with foreign partners.”
A number of companies with eWTPA investments, including logistics firm J&T Express, Saudi online stock-trading platform Sahm, multi-industry automation solution provider Raha, and instant-messaging platform Beem, are attending LEAP 2024, giving demonstrations on the latest products and technologies.
The Saudi tech market reached a size of $40 billion by the end of 2022, solidifying its position as the largest in the Middle East and North Africa region.
