RIYADH: Saudi Arabia’s technological investment landscape is poised for expansion as the Public Investment Fund’s ROSHN Group has entered into an agreement with Hong Kong’s Tsangs Group.
A memorandum of understanding marks a notable step in enhancing collaboration opportunities between the two parties in the field of technological investments, according to a press release
The collaboration extends to include the Hong Kong Ambassadors Club, a global investors organization, aiming to deepen business ties and enhance opportunities in the technology sector.
David Grover, CEO of ROSHN Group, said: “Our collaboration with Tsangs Group and HKAC embodies our commitment to furthering Vision 2030’s objectives by fostering investment partnerships in the technology sector and building a diverse and sustainable economy.”
He further emphasized the significance of investing in technology as a means of addressing global change.
“This MoU marks a pivotal moment for ROSHN, highlighting our role in promoting growth and prosperity in the Kingdom. Hong Kong has long served as a gateway and hub for technological investment in the Asia-Pacific region, and we are enthusiastic about our contribution to transforming the Kingdom into a global technology hub,” Grover added.
The collaboration between the groups is set to unlock substantial technological advancements, laying the groundwork for fresh collaborative endeavors.
This alliance aims to bolster innovation, support economic diversification initiatives, and strengthen Saudi Arabia’s role as a key player in the global technology arena.
“We feel honored to sign this MoU with the renowned ROSHN Group, marking a humble milestone of further deepening of Hong Kong-Saudi ties. The Kingdom of Saudi Arabia is a staunch support of the Belt and Road Initiative, and every long march starts with a first step,” said Patrick Tsang, chairman of Tsangs Group.
“For Tsangs Group cherishing traditionally strong ties with the Gulf Arab region and in its quest to diversify investments, we are also upbeat about the Saudi Vision 2030, the royal master plan to transform the Saudi economy to a well-diversified ecosystem led by technology and digitization, creating jobs for Saudi nationals and investment opportunities for Hong Kong Inc,” he added.
The partnership extends opportunities to Hong Kong-based companies, including A-Grade Energy specializing in renewable energy materials and technologies, and Rice Robotics, known for smart logistics robot services.