Hong Kong’s Paul Chan pledges second trip to Saudi Arabia to build Mideast ties

Hong Kong’s finance chief will lead another business delegation to Saudi Arabia later this year, announcing the news as the city hosted the first overseas edition of one of the kingdom’s top technology conferences as part of efforts to boost ties with the Middle East. Speaking at the opening ceremony of LEAP East 2026 on Wednesday, Financial Secretary Paul Chan Mo-po also announced that the conference’s Hong Kong edition would continue to be held annually for the next three years. For his second trip to Saudi Arabia since October 2025, Chan is set to front a delegation comprising representatives from companies focused on infrastructure, green technology, healthcare and advanced manufacturing, as well as professionals from the finance, investment and professional services sectors. “Your ambitious transformation agenda, ‘Vision 2030’, inspires me on every visit,” Chan told Saudi officials at the event. He was referring to the kingdom’s strategic development blueprint, which aims to significantly reduce its economic reliance on crude oil. “There is enormous potential for us, Hong Kong and Saudi Arabia, to do more together. Both of us are gateways to our respective regions,” Chan said. He added that Hong Kong and Saudi Arabia’s capital markets were already linked through cross-listings of exchange-traded funds. The three-day technology conference, which is being held outside Saudi Arabia for the first time, had already drawn about 35,000 participants from more than 30 countries and territories to Hong Kong, the finance chief said. “We warmly welcome Saudi and Gulf enterprises to leverage Hong Kong’s capital markets, through listings, bond issuance, asset management or other partnerships,” he said. “Let Hong Kong be your international fundraising and risk-management platform, connecting you with investors and markets across Asia and beyond.” Mazin Alhimali, Saudi Arabia’s consul general in Hong Kong and Macau, told the South China Morning Post that Hong Kong’s role as a gateway to mainland China was a key reason it had become the first city to host the LEAP forum outside the kingdom. He highlighted his country’s keen interest in strengthening collaboration with Hong Kong in technology, particularly in fintech, artificial intelligence (AI), smart city development, and the sustainability and environmental sectors. “The reason why LEAP is coming here is to look for this new dynamic and create this synergy in this field,” Alhimali said. “As a matter of fact, now Saudi Arabia is a pioneer and [is] taking a leading position in the digital sector.” Following Chief Executive John Lee Ka-chiu’s visit to Saudi Arabia in 2023, Alhimali said bilateral relations had grown steadily and described them as of “great importance”. The top envoy added that the kingdom’s high-level participation in the forum underscored the deepening trade ties between the two sides. Secretary for Innovation, Technology and Industry Sun Dong said the conference featured more than 340 speakers, 450 exhibitors and over 400 investors. “This international gathering reflects the rising global innovation and technology momentum, and Hong Kong is proud to serve as a ‘superconnector’ and ‘super value-adder’ for international exchanges,” he said. Sun said the government had facilitated nearly 700 leading or high-potential enterprises to establish or expand their presence in Hong Kong in recent years, while the number of start-ups in the city had increased by 40 per cent since 2021 to 5,200 in 2025. Terry Wong Ping-sau, CEO of the Hong Kong Science and Technology Parks Corporation, said the event showed how internationally recognised Hong Kong was as an innovation hub. He said Hong Kong companies were well positioned to benefit from Saudi Arabia’s Vision 2030 programme because the kingdom’s priorities, which include AI, robotics, smart cities, digital transformation and health technology, closely matched the strengths of the city’s innovation sector. Wong said the biggest hurdles for Hong Kong firms entering the Saudi market were not technological but operational issues. “The challenges are culture, regulations and procurement requirements, as well as finding suitable local partners,” he said. He added that localisation requirements mainly applied to government procurement projects and varied according to the industry and contract size. The science park had strengthened its engagement with Saudi Arabia since 2023, helping start-ups connect with government agencies, businesses and potential customers in the kingdom, Wong said. Additional reporting by Matthew Cheng