Hong Kong’s start-up incubator leads largest delegation to Saudi Arabia summit

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Hong Kong start-ups ‘have a lot to offer’ Saudi Arabia, which is trying to diversify its oil-dominated economy

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Albert Wong Hak-keung, CEO of the Hong Kong Science and Technology Parks Corporation. Photo: Dickson Lee

Enoch Yiu

Published: 8:30am, 28 Oct 2024Updated: 3:17pm, 29 Oct 2024

The Hong Kong Science and Technology Parks Corporation (HKSTP) will embark on its largest-ever overseas delegation by bringing 25 start-ups to a summit in Saudi Arabia this week, according to its CEO.

The start-ups are among the more than 1,200 companies that have been incubated by the HKSTP to promote the city’s technology and innovation. The start-ups that are heading to Saudi Arabia are more established and are engaged in a number of sectors, including biotechnology, new energy and other green solutions, robotics, artificial intelligence (AI) and data science, said Albert Wong Hak-keung.

“The Middle East is an important market for the start-ups in Hong Kong as the Gulf countries have a lot of demand for green energy, biotechnology and other innovative products,” Wong said in an exclusive interview with the Post ahead of the trip.

“These Hong Kong start-ups have a lot to offer to Saudi Arabia’s Vision 2030 Initiative to diversify its oil-dependent economy by introducing more innovative and green technology.”

Wong and his stable of start-ups will be attending the Future Investment Initiative (FII) forum in Riyadh from October 29 to 31.

Wong said he will arrange meetings for the start-ups’ founders or executives so they can pursue business opportunities, find local partners and attract potential investors. Financial Secretary Paul Chan Mo-po will also head to Riyadh with a large delegation of financiers.

Christine Yip, the founder and CEO of biotechnology firm AusMed Global, who is part of the delegation, believes there is strong demand for her company’s non-invasive medical device that monitors diabetes by checking a patient’s breath.