'Fruitful' Middle East Visit Only The Start, CE Says

Chief Executive John Lee wrapped up his trip to the Middle East on Friday, saying the visit bodes well for future cooperation between Hong Kong and Gulf nations while stressing that encouraging oil giant Aramco to list in the SAR was not his sole goal.

Lee told reporters in Dubai that his week in Saudi Arabia and the United Arab Emirates had yielded "a lot of fruitful results", adding that the trip was about strengthening friendship, further promoting the SAR's strengths and advantages, and exploring business opportunities.

"The Hong Kong government and the Saudi Arabian government have agreed to start our negotiation about the protection-and-promotion-of-investment agreement," Lee said. "We've also agreed with the government of the UAE to start discussing the issues that we want to cover, in respect of green and sustainable financing cooperation."

He said officials had signed 13 memoranda of understanding or letters of intent on cooperation, covering areas such as innovation and technology, business, professional services and logistics.

On his ambition to convince Saudi Arabian oil giant Aramco and its subsidiaries to invest and list in Hong Kong, Lee said he had established a good rapport with the company and touched on issues of mutual interests.

"I'm very glad the atmosphere was positive, and both agreed that we should continue close communication, so that we would be able to help each other understand the things that we want to know about more," he said.

Saudi Aramco first went public in Saudi Arabia in 2019 in what was the world's biggest ever stock listing. Reports say Aramco, which is valued at more than US$2 trillion, now wants to sell more shares in international markets.

But the CE stressed that his visit was not only about Aramco: "The purpose of my visit is manifold. I am to tell the world and invite them to come to Hong Kong, and this extends to all the people and companies and entities that we came across at the visit.

"Of course, we welcome big companies to come to Hong Kong and invest and equally we have been meeting senior officials in charge of at least three sovereign funds, as well as Aramco. Our invitation and our purpose is open to all," he added.

Lee said officials would conduct follow up visits to the Middle East, including a planned trip by Hong Kong Monetary Authority representatives in the first half of this year. But he noted that Gulf nations would not be his only target, with Southeast Asia next on the list..

"My next destination will likely be countries of Asean, because they are close neighbours, and the trade and relationship have been strong," he said, referring to the Association of Southeast Asian Nations.

"I want to raise it to an even stronger position, and also want to capitalise on the good relationship so that we will have more support in our accession to RCEP (Regional Comprehensive Economic Partnership), which is another important economic and commercial relationship with our neighbours."

Lee was scheduled to depart for Hong Kong later on Friday.