The individual spearheading a flagship initiative central to Saudi Arabia’s economic diversification strategy is set to court investors in Hong Kong. This move aims to rally support for an ambitious and forward-looking urban development.
Nadhmi Al-Nasr, CEO of Neom—a $500 billion high-tech megacity being constructed on Saudi Arabia’s northwestern seaboard—will lead a promotional event scheduled for April 19 at M+, located in Hong Kong’s West Kowloon Cultural District.
The event, titled Discover Neom, is a collaborative effort with Hong Kong’s Belt & Road Office of the Commerce and Economic Development Bureau. It will showcase the vision of Neom through leadership presentations, a New Future by Design Tour
, and an evening reception, as revealed by an event invitation.
Prior to arriving in Hong Kong, the Neom delegation is set to visit mainland China, with Hong Kong marking the final destination of their international roadshow, as indicated by a knowledgeable source.
During a February 2023 visit to the Kingdom by Hong Kong’s Chief Executive John Lee Ka-chiu, Neom was identified as a project where Hong Kong could significantly contribute to funding and support. The megacity is a key component of Saudi Vision 2030 and is expected to attract interests from Hong Kong’s professional service sectors, including IT, architecture, accounting, and legal services.
The construction of Neom is of great significance,
remarked Tse Yung-hoi, vice-president of the Chinese General Chamber of Commerce in Hong Kong, confirming the chamber’s invitation to the event. He emphasized the vast opportunities arising from the Middle East’s push towards economic diversification.
Key Hong Kong industry associations such as the Chinese Manufacturers’ Association, the Law Society, and the Federation of Hong Industries have also been invited to partake in the Neom roadshow.
The roadshow on April 19 will provide insights into Neom’s unique urban design, integrated economy, and vision for a sustainable, zero-carbon ‘future living’. Attendees will have the opportunity to interact with the Neom leadership and explore extensive partnership and investment prospects.
A subsequent talk, organized by the Hong Kong government and themed Future City Development – Green and Digital
, is slated for the following day at the same venue.
Francis Fong Po-kiu, honorary president of the Hong Kong Information Technology Federation, has distributed the invitation to federation members. An ex-Neom executive disclosed that the China tour had long been planned to draw new investment sources, noting that the megaproject’s scale and estimated costs had been revised downward.
Neom is also seeking to partner with Hong Kong’s high-tech firms across various sectors. The project’s name combines the Greek for ‘new’ and the initial of Crown Prince Mohammed bin Salman’s name, also symbolizing the Arabic word for ‘future’.
To date, the project has predominantly attracted Western investors and portrays itself as a pioneering, renewable energy-powered urban development.
Following a recent visit by Saudi officials to Hong Kong, there has been a surge in business engagements and agreements, including discussions on market connectivity between the Saudi Central Bank and the Hong Kong Monetary Authority. Additionally, the Hong Kong stock exchange has facilitated easier secondary listings for Saudi companies, with an upcoming joint conference, CONNECT Hong Kong, scheduled for May 9.