Cathay Pacific’s Hong Kong-Riyadh flights to unlock business, travel opportunities: Paul Chan

Hong Kong flag carrier has relaunched a direct passenger service to the Saudi Arabian capital Riyadh, with the first flight on Monday

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Paul Chan is leading a delegation to the Saudi Arabian capital. Photo: SCMP

Published: 4:50pm, 28 Oct 2024Updated: 9:38pm, 28 Oct 2024

Hong Kong flag carrier Cathay Pacific Airways’ relaunched direct passenger flights to the Saudi Arabian capital Riyadh will unlock business and travel opportunities between the city and the Middle East despite escalating geopolitics tensions, the financial secretary has said.

Paul Chan Mo-po, who was among more than 200 passengers on the inaugural flight CX647 on Monday, is leading a high-profile delegation to Riyadh, with the group scheduled to attend a global summit, the Future Investment Initiative (FII), between Tuesday and Thursday and also to meet political, business and innovation leaders.

The delegation comprises 110 leaders from regulatory bodies, and the financial and technology arenas including the CEO of the government-owned Hong Kong Investment Corporation, Clara Chan Ka-chai, whom the financial secretary said would facilitate bilateral investments for better returns by leveraging both sides’ resources.

The carrier will operate three return flights per week between Hong Kong and Riyadh with its Airbus A350-900 aircraft. Photo: Roy Issa

“We hope it will bring us new investments, new companies and new technology companies, and bring in more liquidity and capital,” he said before the 10-hour flight departed Hong Kong International Airport at 4.58pm.

The finance chief acknowledged that the geopolitical situation in the Middle East was tense, but opportunities had also emerged after interactions with investors.

“Many of the [Middle East] funds and investors are eager to diversify their investments,” he said.

“In the past, they often considered investing in American and European companies. Now, Asia is developing rapidly, with economic growth far outpacing other regions. In terms of returns, they are very optimistic about this aspect.