Saudi Arabian venture capital firm Beta Lab is optimistic that Hong Kong — as a gateway to the Chinese mainland, and with its access to the Southeast Asia region — will be a key partner in its growth.
“I enjoyed the conversations yesterday with my colleagues and partner investment community in Hong Kong. One of the key takeaways is that I think Hong Kong is back after the COVID-19 (pandemic),” Abdulrahman A. Alolayan, founder and managing partner of Beta Lab, told China Daily on the sidelines of the two-day Asian Financial Forum on Tuesday.
He said that the Hong Kong Special Administrative Region is a financial hub and that it “has been and remains global, friendly to businesses, and (is) looking to partner with the rest of the world”, and that this was “where we find Hong Kong as a unique place”.
“Yesterday, we saw investors and startups, and (those) from different parts of the world. They are looking to engage to do business, to do investments and to use Hong Kong as a gateway to the Chinese mainland and greater Asian economies,” he added.
Alolayan was also on his fourth visit to Hong Kong barely three months after signing an agreement with the Hong Kong Science and Technology Parks in Riyadh, which aims to support fintech startups by granting access to a $300 million investment fund.
“We signed an agreement with HKSTP and other entities to access the new fund and help them also to scale (up) into the region. And right after we signed, in two weeks, I was back here in Hong Kong in November. We met a few startup investors, and we had a discussion going and it's going well. They are working in different sectors — AI, biotech, fintech and few other sectors,” said Alolayan.
Apart from being a gateway, he said, Hong Kong is a global hub, “but particularly to Asia and Southeast Asia” where they were looking at different opportunities to partner and invest and “to grow in the region”.
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“We already visited a few Chinese cities, including Shenzhen, Beijing and others. But also we are partnering with Chinese colleagues and funds as well. We are looking at Indonesia and Singapore. They are different, more on agnostic,” said Alolayan, adding that the main or bulk of opportunities were still within AI, fintech and medtech.
“There were a few companies which came forward and we already had a few meetings set up before we came in. And we’re looking forward to continuing fruitful collaborations.” He noted some startups have already done a round or two in Hong Kong.
Alolayan also remains unfazed about the geopolitical conditions, saying that Saudi Arabia, in general, “has great relationships with different partners globally”, and that “we are trying to find the best talent, best opportunities wherever they are and (we) back them up”.
He also seized the opportunity to offer some advice to investors looking to partner with Saudi Arabia’s ecosystem.
"Saudi is blessed to have a clear vision," said Alolayan, and Saudi Crown Prince Mohammed bin Salman “has demonstrated his commitment to Vision 2030” he launched in 2016 and its objectives.
Alolayan said they “have clear sectors that we need to help establish in Saudi”, as the Gulf superpower aims to become a major player and hub in AI and has launched several initiatives in these fields.
“People, startups, investors, and business communities who are looking to partner with Saudi, they need to align with Vision 2030 objectives and strategies, and this is I think the starting point where they need to discuss with the public and private sector in Saudi,” he said.
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And with the upcoming Chinese New Year celebrations just around the corner, Alolayan also had a message for the Chinese people:
“I wish all Chinese friends and colleagues and the community well for the new year coming up. And I’m looking forward to their positive contribution and prosperity locally and globally.”
