Major milestone as 11 companies seal MoUs for Middle East Expansion and the establishment of Saudi Arabia-China Entrepreneurs Association’s first office in Hong Kong
- Chief Executive John Lee met with H.E. Eng. Abdullah Al-Swaha, Minister of Communications and Information Technology of Kingdom of Saudi Arabia again following a previous Hong Kong delegation to the Middle East in February this year.
- HKSTP and eWTPA co-hosted the “One Gateway Shared Vision – Hong Kong Special Administrative Region x Kingdom of Saudi Arabia” event to deepen cooperation in the fields of innovation and technology. The Saudi Arabia-China Entrepreneurs Association announced the establishment of its Hong Kong office, while 11 MOUs were signed between eWTP Arabia Capital and companies.
- Delegation visited InnoHK research centre as well as selected Park companies’ innovation showcases to understand the thriving I&T ecosystem in Hong Kong.
HONG KONG–(BUSINESS WIRE)–Hong Kong Science and Technology Parks Corporation (HKSTP) and Saudi focused investment institution eWTP Arabia Capital (eWTPA), today co-hosted the “One Gateway Shared Vision – Hong Kong Special Administrative Region x Kingdom of Saudi Arabia” event to welcome the Saudi Minister of Communications and Information Technology (MCIT) and his delegation to Hong Kong.
MCIT’s visit to Hong Kong follows a delegation from Hong Kong to Saudi led by Chief Executive of Hong Kong SAR, John Lee in February this year. At the LEAP 2023 event hosted by the MCIT in Riyadh, the Chief Executive delivered a speech and witnessed the establishment of the Saudi Arabia-China Entrepreneurs Association (SCEA). Since then, Hong Kong-Saudi relations have fortified.
During his visit to Hong Kong, H.E. Eng. Abdullah Al-Swaha, Minister of MCIT, met with John Lee, Chief Executive of Hong Kong SAR, Professor Dong Sun, Secretary for Innovation, Technology and Industry, Dr Sunny Chai, Chairman and Albert Wong, CEO of HKSTP as well as Nicolas Aguzin, CEO of Hong Kong Exchanges and Clearing (HKEX).
John Lee, Chief Executive of Hong Kong SAR, said, “There are tremendous opportunities of collaboration in innovation and technology between Hong Kong and Saudi Arabia. The GBA market presents boundless opportunities for tech companies, start-ups and talent. And I welcome our friends from Saudi Arabia and the Middle East to join us in building an innovative future, right here in Hong Kong.”
H.E. Eng. Abdullah Al-Swaha, Minister of Communications and Information Technology of The Kingdom of Saudi Arabia, said, “Today marks a new milestone in our relationship with Hong Kong, not only by shaping new horizons for technology and innovation together, but also by creating tremendous opportunities for Hong Kong’s technology enterprises in the Kingdom; which promotes our bilateral exchange, enhance our economic development, and allow us to shape a future of cooperation and collaboration.”
At the event, 11 companies, including Aerosim (HK) Limited, D-Engraver Limited, FJ Dynamics International Limited, FreeD Group Limited, GoGoChart Technology Limited, Triavo Limited (Floship), XtalPi, Insilico Medicine, H World Group Limited, New Horizon Health and CIMC ENRIC signed Memorandum of Understanding with eWTPA, showing interests in entering the Saudi market and participating in SCEA.
Following the signing ceremony, Jerry Li, Director General of SCEA and the Founding Managing Partner of eWTPA announced the establishment of the association’s first Asia chapter in Hong Kong.
SCEA is a non-profit organisation supported by the MCIT and the Saudi Federation for Cybersecurity, Programming and Drones. Established in February 2023, it has since attracted over 100 members, many of which are Hong Kong-based enterprises. By starting a chapter in Hong Kong, SCEA seeks to connect business communities in Hong Kong, Mainland China, and Saudi Arabia.
Dr Sunny Chai, Chairman of HKSTP, added, “We are witnessing a golden age in Hong Kong and Saudi relations, of which both our markets offer complementary value. HKSTP offers a unique platform which brings the best of Hong Kong’s status as an international research, innovation and finance hub to tech ventures by bridging research, commercialisation and finance. I’m proud to see our Park companies grow in our city and scale into Saudi Arabia, as well as the new paths being paved for Saudi companies to come to Hong Kong. Greater collaboration, understanding and partnership will only offer mutual benefits for the development of innovation and technology for both our markets.”
Jerry Li, Director General of SCEA and the Founding Managing Partner of eWTPA, said, “We believe that Hong Kong will play an important role in China-Saudi relations, serving as a bridge for technological and economic collaboration between the two countries. We aim to enable Hong Kong’s leading financial and technology companies to establish a presence in Saudi Arabia, thereby contributing to the economic diversification of the country in line with Saudi Arabia’s Vision 2030. We also hope to facilitate the listing of companies from both countries on Saudi and Hong Kong’s stock exchanges.”
Science Park tech ventures also showcased their innovations to the delegation including homegrown start-ups and Elevator Pitch Competition (EPiC) champions, Archireef Limited and Skyland Innovation Company Limited. The delegation also toured the Centre for Artificial Intelligence and Robotics (CAIR) Hong Kong Institute of Science & Innovation Chinese Academy of Sciences, a InnoHK research centre at Hong Kong Science Park.
In addition to Hong Kong-based companies expanding to the Middle East, there are positive discussions about paving ways for Saudi companies to establish a presence and list in Hong Kong, and for Saudi investors to access opportunities in China.
Nicolas Aguzin, CEO of Hong Kong Exchanges and Clearing (HKEX), said, “This is a very exciting time for collaboration between Hong Kong and the Kingdom of Saudi Arabia. Hong Kong is uniquely positioned to connect capital from Saudi Arabia to the exciting growth opportunities in China, and to connect Saudi companies with China and the region’s vast pool of investment capital. At HKEX, we have the right channels, platforms and products to support increased connectivity between China and the Middle East, and we look forward to working with our partners in both regions to connect, promote and progress our markets and the communities they support for the prosperity of all.”
Appendix – List of Company Participated in MoU Signing
Aerosim (HK) Limited*
Aerosim provides end-to-end aviation training & education tech solutions.
The Company is principally engaged in transportation, storage and processing equipment that is widely used for the clean energy, chemical and environmental and liquid food industries.
The Company is among the world’s top producers and sellers of ISO liquid tanks as well as high-pressure gas storage and transport vehicles. CIMC Enric has built a global marketing network and owns over 20 subsidiaries located in 6 countries.
It also provides after-market services such as maintenance, cleaning, renovation and transformation for tank containers.
Cimc Enric has a number of global well-known brands in the field of liquid food equipment, such as Ziemann Holvrieka, Briggs of Burton, McMillan and DME Process Systems, and is one of the world’s largest manufacturers of canning products and processing equipment.
D-Engraver is a leading blockchain product and ecological builder in Hong Kong, founded in 2018. Its mission is to engrave records as credentials of organisations, businesses, and individuals to eliminate the crisis of trust in the information sharing process. It was the Gold Award winner of 2021 Hong Kong ICT Award and obtained ISO27001 certification.
FJ Dynamics International Limited*
FJ Dynamics is a robotic company focusing on digitisation, automation and new energy for construction, agriculture and property management applications.
FreeD Group Limited*
FreeD is an AI digital solution provider to enhance customer engagement in lifestyle, smart city, eCommerce and travel industries with event management and merchant network from the globe.
GoGoChart Technology Limited*
Established in 2016, GoGoChart Group empowers brands globally with widely accessible, adaptive mobile and Web3 marketing solutions including CMP and SaaS platforms. GoGoChart was awarded the 2019 Hong Kong Technology Fast and Rising Star Program organised by Deloitte, the Best Use of Mobile Online Campaign (inaugural season) by Interactive Advertising Bureau Hong Kong (iAB HK) in 2021.
H World Group Limited
H World Group has now owned 29 brands, and managed or leased 8500+ hotels across 17 countries.
In 2019, H World acquired Germany hotel chain Deutsche Hospitality and its international brands including CitiGO, Steigenberger, MAXX, Jaz in the City, Intercity Hotel, Zleep, Steigenberger Icon and Song.
H World has partnered up with French hospitality giant Accor and has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region.
H World Group has now become the world’s 7th largest hospitality group.
In 2016, Insilico world first described the concept of using generative AI for the design of novel molecules in a peer-reviewed journal.
Then, Insilico developed multiple approaches and new features for its proprietary GAN-based AI platform for drug design.
Powered by generative AI, Insilico has efficiently establish a pipeline of 31 programs for 29 drug targets in areas of high unmet need, including fibrosis, oncology, immunology, and other disease areas.
Since its inception, Insilico has raised over $400 million and has enjoyed long-term support from globally leading financial and strategic investors.
New Horizon Health*
New Horizon Health was founded in 2015 with a vision to prevent and cure cancer by screening and early detection.
The company engages in the research and development of screening products for colorectal, cervical, and other types of cancer in the People’s Republic of China.
Its products include ColoClear, an early screening products for colon cancer; Pupu Tube, a fecal occult blood self test product; and UU Tube, a helicobacter pylori self-test products.
The company holds global rights to all its marketed and pipeline products.
Plans to expand into the middle east region.
Triavo Limited (Floship)*
|Founded in 2015, Floship is headquartered in Hong Kong. Floship excels at global e-commerce logistics & fulfillment solutions through an extensive circular supply chain ecosystem powered by intelligent technology that accelerates business growth.
| XtalPi applies AI, quantum physics and robotics to provide one-stop drug discovery, solid-state development and automated chemical synthesis for global clients.
The Company applies its technology in building a closed-loop platform with infrastructure that connects the dry lab with the wet lab.
XtalPi is backed by blue-chip investors, including Alphabet, Tencent, Sequoia, 5Y, China Life, PICC, HOPU, OrbiMed and Sinobiopharm and has more than 1,000 employees in China and the United States, with campuses across Boston, Beijing, Shanghai and Shenzhen.
To date, XtalPi has more than 200 partners worldwide and serves 16 of the top 20 global pharma, including Pfizer, Johnson & Johnson and Eli Lilly. XtalPi is also serving the world’s leading agricultural group including Corteva in the US and Bayer in Germany.
*Hong Kong Science Park companies
About Hong Kong Science and Technology Parks Corporation
Hong Kong Science and Technology Parks Corporation (HKSTP) has for over 20 years committed to building up Hong Kong as an international innovation and technology hub to propel success for local and global pioneers today and tomorrow. HKSTP has established a thriving I&T ecosystem that supported over 10 unicorns and Hong Kong’s leading R&D hub with nearly 13,000 research professionals and over 1,300 technology companies focused on healthtech, AI and robotics, fintech and smart city technologies.
Established in 2001, we attract and nurture talent, accelerate and commercialise innovation and technology for entrepreneurs on their journey of growth in Hong Kong, to the Greater Bay Area, Asia and beyond. Our growing innovation ecosystem is built around our key locations of Hong Kong Science Park in Shatin, InnoCentre in Kowloon Tong and three modern InnoParks in Tai Po, Tseung Kwan O and Yuen Long. The three InnoParks are realising a vision of new industrialisation for Hong Kong. The goal is sectors like advanced manufacturing, electronics and biotechnology are being reimagined for a new generation of industry.
Through our infrastructure, services, expertise and network of partnerships, HKSTP will help establish innovation and technology as a pillar of growth for Hong Kong, while reinforcing Hong Kong’s international I&T hub status as a launchpad for global growth at the heart of the GBA innovation powerhouse.
More information about HKSTP is available at www.hkstp.org.
About eWTP Arabia Capital
Founded in 2019, eWTP Arabia Capital (“eWTPA”) is a growth stage platform based in Saudi Arabia and China. Backed by marquee investors Public Investment Fund and eWTP Capital, we strive to build a local digital ecosystem in the MENA region by partnering with market leading Chinese businesses and provide a gateway for these companies to establish a strong and sustainable presence in the region.
Over the past four years, through our US$400 million Fund I, we have invested in 18 companies in the digital sector, 13 of which have already established themselves successfully in Saudi Arabia, spanning enterprise services, cloud services, cyber security, fintech, cross-border supply chain, retail and consumer, e-commerce, logistics and digital entertainment.
eWTPA takes pride in its ability to offer comprehensive support to its portfolio companies, empowering them to explore and succeed in strategic markets across the MENA region. 4 of eWTPA’s portfolio companies are expected to be listed soon, more have emerged as industry leaders or regional unicorns.
eWTPA has also directly or indirectly created more than 10,000 jobs in the Saudi Arabia through its investments.
As a Chinese pioneer in Saudi Arabia and professional investment institution, eWTPA has gradually become a bridge for industrial collaboration and cross-border investment between China and the Middle East. In February 2023, supported by the Ministry of Communications and Information Technology of Saudi Arabia, eWTPA announced its plan for the Saudi Arabia-China Entrepreneurs Association. As the founding member of SCEA, eWTPA will continue to foster partnerships in the world of technology and finance between China and the Middle East, making Saudi Arabia’s “Vision 2030” and China’s “Belt and Road Initiative” a shared version benefiting all.
Hong Kong Science and Technology Parks Corporation
Tel: +852 2629 2329
Email: [email protected]