The milestones achieved by Riyadh and Beijing in their relations in recent years were highlighted at the 94th National Day celebrations of the Kingdom of Saudi Arabia in the Hong Kong Special Administrative Region on Sept 23.
Asia’s first exchange-traded fund (ETF) tracking shares listed in Saudi Arabia’s Hong Kong debut, the opening of Saudi’s Private Investment Fund office in Hong Kong, and the signing of agreements in the fields of tech, tourism, and the digital economy were among the achievements mentioned.
Members of the business and diplomatic communities packed the event, organized by the Consulate of the Kingdom of Saudi Arabia in Hong Kong.
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Consul General Hamad Mohammed Aljebreen said that the celebrations are happening at a time when Saudi Arabia is seeing remarkable achievements in its diversification efforts, thanks to Saudi Arabia’s Vision 2030, an economic transformation plan introduced by Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud.
“It is worth noting that ties between Saudi Arabia and China have been growing stronger,” Aljebreen said. China is Saudi Arabia’s largest trading partner, with trade exceeding $107 billion in 2023, and the two countries saw the signing of top Chinese finance companies’ investment agreements hitting $50 billion, boosting ties between the two countries, with many agreements still under discussion, he said.
Aljebreen also took note of the increasing exchanges in delegations between the two sides and wished the friendship of governments between Beijing, the SAR and Saudi Arabia prosperity.
Deputy Secretary for Justice Horace Cheung Kwok-kwan affirmed Aljebreen’s acknowledgment of warm relations and said the relations “continue to grow and diversify”.
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Cheung recalled that earlier this month, Bandar Bin Ibrahim Bin Abdullah Alkhorayef, Saudia Arabia’s minister of industry and mineral resources, visited Hong Kong and met with senior government officials of Hong Kong as well as the business community.
Hong Kong, Cheung said, is “a natural spring” for those looking to the Guangdong-Hong Kong-Macao Greater Bay Area for greater opportunities, as he noted progress in other fields, such as Cathay Pacific’s flight resumptions to Riyadh and in legal cooperation. He also recalled the Hong Kong Justice Department’s visit to Riyadh earlier this year to sign memorandums of understanding in disputes and resolution.
Cheung also thanked Aljebreen and the consulate general for “having taken efforts” that have been “contributing to making ties stronger”.
