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Global Impact: is the ‘economic centre of gravity’ moving towards Asia as Saudi ministers, executives descend on Hong Kong?
- Global Impact is a weekly curated newsletter featuring a news topic originating in China with a significant macro impact for our newsreaders around the world
- In this issue, we look back at the Future Investment Initiative (FII) Institute’s first Asia conference that took place in Hong Kong.
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When Laura Cha Shih May-lung struck the ceremonial gong at the Hong Kong stock exchange (HKEX) with the Future Investment Initiative (FII) Institute’s governor Yasir Al-Rumayyan, they kicked off the biggest gathering of Saudi government ministers and business executives ever assembled in the city.
More than 1,000 participants and 100 speakers thronged the HKEX’s Connect Hall at Exchange Square for the FII Priority summit on Thursday and Friday. It was a “significant step” in the deepening ties between Hong Kong and the Middle East, particularly with Saudi Arabia, said Hong Kong Chief Executive John Lee Ka-chiu, after joining the opening ceremony with FII chief executive Richard Attias.
The FII conferences “started in 2017 with a thought: a global conference for the world”, Rumayyan said in his opening remarks at the conference.
“We decided to bring the first Asia conference here because Hong Kong is a global city, and it is a major hub in Asia,” he said.
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Saudi Future Investment Institute holds first Asia conference in Hong Kong
Saudi Future Investment Institute holds first Asia conference in Hong Kong
He has reasons for optimism. Asia makes up 52 per cent of the growth in technology revenue, 43 per cent of global start-up funding and 88 per cent of patents filed, according to Rumayyan, data that underscored how the “economic centre of gravity” is moving towards Asia, said Fung Group chairman Victor Fung.
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