June 12, 2023
HONG KONG – With opportunities in investment and travel sprouting in Saudi Arabia following high-level visits by Chinese leaders in recent months, a top Saudi diplomat is urging residents of the Hong Kong Special Administrative Region to seize opportunities in the Arab nation.
“The kingdom welcomes Hong Kong visitors and invites them to explore its historical, cultural and touristic attractions, and to explore the various investment opportunities in its various regions,” Abdulrahman Al-Harbi, Saudi Arabia’s ambassador to China, told China Daily in a recent interview.
“I would also like to encourage everyone in Hong Kong and all over the world to visit the websites ‘Invest Saudi’, ‘Saudi Made’, and ‘Visit Saudi’ to know more about the opportunities of Saudi Arabia, its beauty of nature, and the great quality of our Saudi products,” he added.
The “Invest Saudi” campaign is Saudi Arabia’s investment attraction and promotion brand. The Ministry of Investment oversees and facilitates investments in the country, and is the primary point of contact for foreign investors seeking assistance before, during, and after their entry into the kingdom.
It is our hope that these zones will contribute to strengthening investment and trade cooperation between the Kingdom of Saudi Arabia and the People’s Republic of China, since these special zones are a window for further investment cooperation that the kingdom offers to all those wishing to take advantage of these opportunities.
Abdulrahman Al-Harbi, Saudi Arabia’s ambassador to China
The government established four new Special Economic Zones with favorable taxation policies on April 14: the King Abdullah Economic City SEZ, the Jazan SEZ, the Ras Al Khair SEZ, and the Cloud Computing SEZ, located in the King Abdulaziz City for Science and Technology.
During the Saudi Special Economic Zones Investment Forum, held in Riyadh on May 29, authorities revealed that four SEZs attracted $12.6 billion from investors across the maritime, mining, manufacturing and logistics and tech sectors, while an additional $31 billion in investments is in the works.
“It is our hope that these zones will contribute to strengthening investment and trade cooperation between the Kingdom of Saudi Arabia and the People’s Republic of China, since these special zones are a window for further investment cooperation that the kingdom offers to all those wishing to take advantage of these opportunities,” Al-Harbi told China Daily.
“I believe that the Chinese side will have significant contributions to the recently launched special economic zones, especially in the sectors that China has a competitive edge and value added,” he said.
Chinese firms participating in the SEZs include Baosteel Group, involved in steel plate manufacturing in the Ras Al-Khair SEZ; and Wangkang Group, with a facility in the Jazan SEZ.
Under the “Saudi Made” logo, the Made in Saudi program was launched on March 28, 2021, by Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. The National Industrial Development and Logistics Program initiative, led by the Saudi Export Development Authority (Saudi Exports), aims to help local businesses grow by encouraging local consumers to buy more locally made products, and helping businesses increase their exports to priority markets.
Al-Harbi also said it is worth noting that during the visit of Hong Kong Chief Executive John Lee Ka-chiu to Riyadh in February, along with a delegation that included 30 high-level representatives from various business sectors, six memorandums of understanding were signed.
Abdulrahman Al-Harbi (left), Saudi Arabia’s ambassador to China, meets with Macao Chief Executive Ho Iat-seng in Macao, on June 1, 2023. (PHOTO PROVIDED TO CHINA DAILY)
The MOUs involved the Saudi and Hong Kong private sectors, as well as a pact between the Federation of Saudi Chambers and the Hong Kong Trade Development Council.
In February 2021, there was also an agreement between Hutchison Ports and the Saudi Ministry of Investment allowing the Hong Kong-based port operator to manage the Jizan Port in Saudi Arabia.
On May 31 and June 1, Al-Harbi visited the Hong Kong and Macao special administrative regions.
In Hong Kong, he held discussions with Lee, Legislative Council President Andrew Leung Kwan-yuen, Secretary for Commerce and Economic Development Algernon Yau Ying-wah, Secretary for Innovation, Technology and Industry Sun Dong, Secretary for Home and Youth Affairs Alice Mak Mei-kuen, and business community representatives, among others.
Accompanied by Royal Consul General of Saudi Arabia to the Hong Kong and Macao SARs Hamad Mohammed Al-Jebreen, they discussed opportunities that included developing trade relations, and bilateral technological and industrial cooperation.
He also met with Liu Guangyuan, commissioner of China’s Foreign Ministry in the Hong Kong SAR, on May 31.
In Macao, the ambassador exchanged views with Macao Chief Executive Ho Iat-seng, among others, on ways to enhance cooperation between the two sides in various fields. He also reviewed future cooperation opportunities with Liu Xianfa, commissioner of the Chinese Ministry of Foreign Affairs in the Macao Special Administrative Region.
On Monday, Mahmoud Abdulhadi, deputy minister for investment attraction at Saudi Arabia’s tourism ministry, told the first Tourism, Entertainment and Cultural Investment Forum in Riyadh that about 28 million tourists are expected to visit his country this year, according to a report by Arab News.
It reflects the growing attractiveness of Saudi Arabia as an international tourism destination, he said, while noting the positive effect it will have in creating new employment opportunities in the Saudi tourism sector, which currently provides around 880,000 jobs.
Saudi Arabia welcomed 16.6 million tourists in 2022, and 3.5 million visitors during the pandemic in 2021, according to the World Tourism Barometer.