Saudi delegation upgrading exchanges of telecom and information technologies

The two attended a special event titled "One Gateway Shared Vision — Hong Kong Special Administrative Region and Kingdom of Saudi Arabia", which was co-hosted by Hong Kong Science and Technology Parks Corporation (HKSTP) and Riyadh-based eWTP Arabia Capital.

Saudi Arabia's Future Investment Initiative Institute, or FII Institute, which has been organizing its various annual global gatherings in Riyadh, will host its first priority Asia summit in Hong Kong this December.

Lee said his government has prioritized revitalizing its relations with the Middle East in general and Saudi Arabia in particular. Hong Kong's innovation and technology development blueprint, released six months ago, outlined the city's commitment to new industrialization and its rise as an international I&T center.

"They include integrating into the overall development of our country and consolidating our role as a bridge connecting the mainland and the world. We are well on our way to doing just that," Lee said, adding that Hong Kong now boasts about 4,000 startups and 10 unicorns — privately held startups with a value of over $1 billion each.

The chief executive then invited the Saudi delegation to explore opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area. Lee said his government is also boosting technology collaboration between Hong Kong "and our fellow cities in the Greater Bay Area", the cluster city development integrating Hong Kong, Macao and nine cities in Guangdong province.

The Greater Bay Area unites some 86 million consumers and has a GDP of about $1.7 trillion. The GBA market presents boundless opportunities for tech companies, startups and talent. "I welcome our friends from Saudi Arabia and the Middle East to join us in building an innovative future right here in Hong Kong," Lee said.