An official of the Hong Kong Special Administrative Region government department responsible for promoting foreign direct investment is set to start his visit to the Middle East on Sunday to deepen economic ties and attract investments to the city.

Associate Director-General of Investment Promotion at Invest Hong Kong (InvestHK) Charles Ng Siong-kwong will be on a duty visit to the region until Thursday, with key engagements in Saudi Arabia and the United Arab Emirates (UAE), to promote the SAR as a premier gateway for Middle Eastern businesses seeking opportunities on the Chinese mainland and in the broader Asia-Pacific region.

"Amid an increasingly complex global landscape and geopolitical uncertainties, countries in the Middle East are actively diversifying their investments,” Ng said. 

“Hong Kong, as a global financial center and a 'super connector' between the mainland, Asia, and the rest of the world, is uniquely positioned to support this shift."

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During his visit to Riyadh, Jeddah and Dubai, Ng will participate in numerous high-level business roundtables co-organized with Asia House, bringing together representatives from prominent businesses, family offices, and investors.

He will also meet with representatives from leading Middle Eastern companies and discuss how establishing a presence in Hong Kong can drive their global expansion strategies.

"Under the 'one country, two systems' principle, our city offers a robust legal system, free flow of capital and information, and internationally aligned regulations,” Ng said. 

Hong Kong has a strong, long-standing and growing relationship with the Gulf region including Saudi Arabia and the UAE, marked by increasing cooperation in finance, trade, and investment.

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The city's merchandise trade with the Cooperation Council for the Arab States of the Gulf reached $21.6 billion in 2023. These partnerships are further strengthened through initiatives such as the Belt and Road Initiative, which fosters greater connectivity and economic opportunities.

“Beyond finance, Hong Kong is also a hub for trade, logistics, innovation and professional services. It serves as a gateway for Middle Eastern partners to tap into the Mainland and the broader Asia-Pacific region," Ng said.

As part of its commitment to financial diversification, the city has developed a supportive platform for Islamic finance, including the issuance of sukuk, or an Islamic finance certificate similar to a bond, and tax law amendments to ensure a level playing field with conventional bonds and the successful launch of three government sukuk.

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The SAR also continues to welcome more Islamic financial institutions and products to leverage Hong Kong's international financial platform and tap into opportunities across Asia and the mainland.