The deepening cooperation between Saudi Arabia and the Hong Kong Special Administrative Region was highlighted at a ceremony in Hong Kong on Friday, marking the 95th anniversary of the founding of the Kingdom of Saudi Arabia.

The event, hosted by the Saudi community in the city, was attended by Hong Kong Chief Executive John Lee Ka-chiu. “Ties between Saudi Arabia and our peoples are also flourishing,” Lee said, recalling his visit to Saudi Arabia in February 2023 — his first trip to a Middle Eastern country as the chief executive.

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Lee said that since then, there has been a continuing exchange of senior government officials and business delegations between Hong Kong and Saudi Arabia.

Lee said that expanding foreign direct investment is a key goal of Saudi Arabia’s Vision 2030. “Hong Kong, the superconnector and super-value adder, is glad to support this grand vision,” he said.

He also highlighted Hong Kong’s emergence as a major hub for Belt and Road Initiative events, referring to the 2023 Future Investment Initiative Priority Summit, the Saudi Super Cup, and the upcoming Leap East, one of the Middle East’s largest tech expos.

Further exemplifying the strengthening ties, Lee cited the resumption of direct flights between the SAR and Saudi capital of Riyadh, as well as the recent signing of an agreement between Saudi Arabia’s Ministry of Investment and Hong Kong’s Belt and Road Office.

He welcomed the launching of reciprocal exchange-traded funds, beginning in 2023, with the opening of Asia’s first Saudi ETF on the Hong Kong stock exchange. This was followed by two Hong Kong index tracking ETFs listing on the Saudi Exchange as well as Asia’s first ETF tracking Saudi government sukuk, or sharia-compliant bonds.

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“As of mid-August, the two HK ETFs had a combined market value exceeding $16 billion. That’s up some 30 percent since their listing,” he said.

Saudi Consul General Mazin bin Hamad Al-Himali also commended the outstanding and growing relationship between Saudi Arabia and Hong Kong.

This “historic day” not only celebrate achievements but look forward to a promising future under the Saudi Vision 2030, he said.

He added that Saudi Arabia is committed to building bridges of cooperation with all nations, and welcomes global partners to participate in its journey of growth — particularly in renewable energy, tourism, advanced technology, smart cities, infrastructure, the digital economy and green development.

“I also applaud the depth of friendship and cooperation between the government and people of the Kingdom of Saudi Arabia and both Hong Kong SAR and Macao SAR,” he said.

The event began with live performances and the singing of the national anthems of China and Saudi Arabia.

Contact the writer at jan@chinadailyapac.com