Hong Kong Chief Executive John Lee Ka-chiu (fourth left) meets Minister of Investment of Saudi Arabia Khalid Al-Falih (sixth right) in Riyadh, Saudi Arabia, on Feb 5, 2023. (PHOTO / HKSAR GOVERNMENT)

Saudi Arabian business leaders on Sunday hailed China’s Belt and Road Initiative as having a far-reaching impact on the world’s economy and the rapidly changing landscape in the Middle East — a key link in the global development move.

This year marks the 10th anniversary of the initiative mooted by President Xi Jinping in 2013. 

Joseph Ma, chief executive officer advisor to Saudi Public Transport Company, which manages two of six public metro lines that are set to open this year in the Saudi capital, Riyadh, applauded the effect and influence created by the BRI.  

Speaking to China Daily on the sidelines of the Kingdom of Saudi Arabia-Hong Kong Investment Forum and Chinese New Year Gala Dinner held in Riyadh on Sunday evening, he said the BRI has a big impact on what’s happening around the world.

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“It has a major impact on the global economy. In particular, it has created business opportunities for a number of companies from the Chinese mainland and Hong Kong,” Ma said.

Joseph Ma, chief executive officer advisor to Saudi Public Transport Company, speaks during an interview with China Daily in Riyadh, Saudi Arabia, on Feb 5, 2023. (PHOTO / CHINA DAILY)

Addressing the Saudi Arabia-Hong Kong investment forum, Chief Executive John Lee Ka-chiu spoke of the SAR’s strengths in various sectors, such as in infrastructure design and management, in a bid to forge closer collaboration between Hong Kong and Saudi Arabia

Saudi Public Transport Company, as one of the beneficiaries of the initiative, is operating a number of vehicles produced in China with Chinese technology, such as the safe driving and monitoring mechanisms in buses that allow the vehicles to run safely and smoothly.

“China’s public transportation technology is very advanced, especially the zero-emission technology used in buses. China scores highly in public transportation technology,” said Ma. 

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He believes the current visit to Saudi Arabia by the high-level Hong Kong Special Administrative Region delegation, led by Chief Executive John Lee Ka-chiu, has created a platform for Saudi Arabia, the SAR and the Chinese mainland to reinforce business collaboration.

Lee and his delegation arrived in Riyadh early Sunday morning on the first leg of an eight-day visit to the Middle East aimed at promoting Hong Kong on all fronts and seeking business opportunities. Addressing the Saudi Arabia-Hong Kong investment forum, Lee spoke of the SAR’s strengths in various sectors, such as in infrastructure design and management, in a bid to forge closer collaboration between Hong Kong and Saudi Arabia.  

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Ma, who hailed from Hong Kong, said the SAR has one of the best public transportation systems in the world. He expects to see further collaboration with Saudi Arabia in terms of using Chinese technologies and Hong Kong expertise in public transportation management following Lee’s visit.

Tony Cripps, managing director and chief executive officer of Saudi British Bank, highlighted China’s investments in infrastructure under the BRI, saying this is key to Saudi Arabia’s infrastructure system.

“There’s no question there’ll be joint initiatives and financing concerning these infrastructure projects,” he told China Daily in an interview on Sunday.

Tony Cripps, managing director and chief executive officer of Saudi British Bank, speaks during an interview with China Daily in Riyadh, Saudi Arabia, on Feb 5, 2023. (PHOTO / CHINA DAILY)

He anticipated a stronger partnership between China and Saudi Arabia in view of the commitments made by both countries. “President Xi Jinping’s visit (to Saudi Arabia in December) underscores the importance of China-Arab relations and, therefore, Hong Kong is following up on the business side, which is what Hong Kong is doing so well in seeing where there’s real business,” the veteran banker said.

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As the financial industry is integral to infrastructure projects, Hong Kong, as a financial center, has a role to play in the process, Cripps said.

He said the SAR has well-developed capital and debt markets, as well as one of the world’s deepest equity markets, from which Saudi Arabia could draw a lesson.

Cripps, who had worked at Hong Kong’s HSBC for five years in the late 1990s, said: “It’s a nice way to enter the Chinese market via Hong Kong, where you can find partnership and the experience, particularly, for foreign companies going there. I would absolutely say: Go to Hong Kong, set up your gateway presence and then, by all means, expand into the mainland.”