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A delegation led by the Secretary for Financial Services and the Treasury, Mr Frederick Ma, returned to Hong Kong today (January 31) after a visit to Saudi Arabia and the United Arab Emirates (UAE) to promote business co-operation in financial services and infrastructure.
It was Mr Ma's second mission trip to the Middle East in less than 12 months in light of the growing investment flows from the region and its increasingly active involvement in many realms of business around the world. The visit covered Riyadh of Saudi Arabia and Abu Dhabi and Dubai in the UAE.
The delegation comprised some 30 members from Hong Kong's financial services sector and the infrastructure and real estate industry, including legislators Mr Bernard Chan and Mr Patrick Lau representing respectively the insurance and the architectural, surveying and planning sectors.
During the six-day visit organised by the Hong Kong Trade Development Council, the delegation met senior government officials, chambers of commerce, institutional investors, financial regulators, and representatives of the financial services and real estate sectors.
Before flying back to Hong Kong, Mr Ma delivered a keynote address in Dubai at the Gala Dinner of the Financial Times China-Middle East Summit. The theme of the summit was to examine the opportunities and challenges emerging from the rapid growth in trade and investment between the Middle East and China.
Mr Ma addressed some 200 senior decision-makers at the dinner on Hong Kong's role in the "Silk Road of the modern age" as the economic ties between China and the Middle East continued to develop.
Highlighting Hong Kong's strengths as an international financial centre, Mr Ma encouraged the Middle East investors and businessmen to use Hong Kong as a gateway to China and participate in the growth of the Chinese economy using Hong Kong's financial market as a platform.
He also talked about Hong Kong's role as Mainland China's gateway to the world market - acting as a platform for funds, investors, fund raisers and financial institutions in the Mainland to link up with the global market.
In Riyadh, the first leg of the visit, delegates met with, among others, Riyadh Chamber of Commerce and Industry, Saudi Arabia General Investment Authority, Saudi Arabian Monetary Agency and the Capital Market Authority.
Mr Ma also met Prince Al-Waleed bin Talal bin Abdul Aziz Al-Saud of the Kingdom of Saudi Arabia.
The delegation's visit programme in Abu Dhabi included meetings with the Securities and Commodities Authority, Abu Dhabi Chamber of Commerce and Industry and the Central Bank of the UAE. Besides, the delegation visited the Higher Corporation for Specialised Economic Zones and Mubadala Development Company, the latter being an investment vehicle of the Government of the Emirate of Abu Dhabi.
Mr Ma also called on His Highness Sheikh Dr. Sultan Bin Khalifa Al-Nahyan, Member of the Executive Council of Abu Dhabi and son of Abu Dhabi's ruler.
Ends/Wednesday, January 31, 2007
Issued at HKT 16:22
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