As it recovers from the Covid-19 pandemic, Hong Kong desperately needs new trading partners and new markets. The government has been building bridges to the Arab world, and in particular, Saudi Arabia.
Chief Executive John Lee Ka-chiu, Financial Secretary Paul Chan Mo-po and West Kowloon Cultural District CEO Betty Fung Ching Suk-yee have led delegations to Riyadh, promoting commercial and cultural exchange. Lee is pushing for the creation of an economic and trade office in Riyadh.
The city has hosted the Saudi Super Cup and announced plans for a US$1 billion investment fund between the Hong Kong Monetary Authority and Saudi Arabia’s Public Investment Fund. But is boosting ties with Saudi Arabia all it’s cracked up to be?
When it comes to urban and economic development, iconic architecture, especially skyscrapers like Hong Kong’s Bank of China Tower and Shanghai’s World Financial Centre, often serves as powerful symbols.
So when the Burj Khalifa opened in 2010, it helped put Dubai, United Arab Emirates, on the map as a must-visit city midway between Europe and the rest of Asia. Not to be outdone, Saudi Arabia is erecting the 1,001-metre-tall Jeddah Tower, set to surpass the Burj Khalifa as the tallest in the world upon its expected completion in 2028.
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