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Arab News, Tuesday, Feb 07, 2023 | Rajab 16, 1444

Saudi British Bank meets with Hong Kong delegation to elevate investment opportunities

Saudi Arabia: Top officials from Saudi British Bank met with a high-level business delegation from Hong Kong to discuss cross-border business and investment opportunities between Saudi Arabia and the special administrative region of China.  

According to a press release, the Hong Kong business delegation that reached Riyadh on Feb. 5 was led by CEO John Lee Ka-chiu. He was accompanied by Peter Lam, chairman of the Hong Kong Trade Development Council, as well as top businessmen and executives.  

The meeting also included a panel discussion between distinguished leaders of Saudi Arabia’s business community and officials from government institutions to discuss points of cooperation and explore investment and trade opportunities that will enhance the economic development plans in the two countries and increase the volume of trade exchange.  

“As countries around the world have to contend with the challenges of climate change, war and inflation, many are looking for new markets and new technology to restart their growth,” said Lam.  

He added: “Especially for Hong Kong, we are excited about the opportunity to leverage the strong ties between Saudi Arabia and Mainland China around the Belt and Road (which enters its 10th year) and ride on long-term national development plans across the two nations, such as the Mainland’s 14th Five Year Plan and Saudi Arabia’s Vision 2030.”  

Tony Cripps, managing director and CEO of SABB said that Hong Kong’s vital position as a financial hub which is a fundamental part of China’s Greater Bay Area and Belt Road strategies makes it a key player in the rapid build-up of business ties with the Kingdom.  

“SABB, together with our international partner and shareholder HSBC, is ideally positioned to support both inbound and outbound trade and investment between these important partners,” said Cripps.  

After arriving in Riyadh on Sunday, Lee said that he will meet top executives of Saudi Arabian Oil Co. during the visit, and added that he would highlight what Hong Kong had to offer as an international financial center.  

“Saudi Aramco’s businesses are very diversified with its different subsidiaries. I will try my best to encourage them to come to Hong Kong for participation, including listing in the city,” said Lee, as reported by the South China Morning Post.

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