Hong Kong pins business, tourism hopes on Middle East
Top official of Invest Hong Kong holds meetings in Saudi Arabia, United Arab Emirates
HONG KONG (MNTV) — Hong Kong is wooing affluent Arab travelers, promoting itself as a Muslim-friendly destination, reports Jing Daily.
Also, Hong Kong is positioning itself as a gateway for Middle Eastern businesses seeking to diversify their investments and expand into Asia-Pacific.
As part of these efforts, Charles Ng, associate director-general of investment promotion at Invest Hong Kong (InvestHK), held key meetings in Saudi Arabia and the United Arab Emirates earlier this month, engaging with representatives from major businesses and families offices.
“Amid an increasingly complex global landscape and geopolitical uncertainties, countries in the Middle East are actively diversifying their investments,” said Ng in a statement.
“Hong Kong, as a global financial center and a ‘super connector’ between the Mainland, Asia, and the rest of the world, is uniquely positioned to support this shift,” he said.
“Under the ‘one country, two systems’ framework, our city boasts a strong legal system, free flow of capital and information, and regulations aligned with international standards,” he added.
Already home to more than 2,700 family offices, Hong Kong aims to add 200 more by the end of 2025, capitalizing on its unique access to cross-border investment opportunities in mainland China.
The city is also looking to boost its economy by attracting more affluent tourists. In February, Hong Kong announced it would allocate over HK$1.23 billion ($158 million) to the Hong Kong Tourism Board (HKTB), to be used to target member states of the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN), in line with the government’s ambitious tourism blueprint, released in December 2024.
According to the blueprint, Hong Kong’s tourism market is set to grow by 60%, from 75.3 billion Hong Kong dollars ($9.6 billion) in 2023 to 120 billion Hong Kong dollars ($15.4 billion).
In addition to creating a more Muslim-friendly environment, the territory plans to leverage cultural, sports, ecological, and mega events like Hong Kong Fashion Fest to put itself back on the map.
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