RIYADH: Participants of the 10th Arab-China Conference that concluded in Riyadh on Monday are optimistic that the evolving economic landscape of Saudi Arabia and Chinese expertise will help drive a huge transformation in the Kingdom and the wider Middle East.
Rupert Hoogewerf, a researcher who founded the Huron Report, was one of the many key business personalities present at the two-day event.
Hoogerwerf is best known for the Hurun Rich List, a ranking of the wealthiest individuals in China. Talking to Arab News, the researcher said he visited Riyadh to explore business opportunities available in the Kingdom.
He said Chinese investors appeared keen on exploring the region’s markets, particularly Saudi Arabia. With the emergence of new sectors such as renewable energy, fast-growing real estate, and rapid industrialization in the region, there are huge opportunities for Chinese entrepreneurs, he added.
Hoogerwerf said China has a large number of “young companies that are innovative” and are interested in entering the Saudi market.
He said cheap energy prices make setting up bases in the Kingdom a lucrative proposition for manufacturing companies. “And of course, there is a lot of ambition to construct new infrastructure here,” he added.
The researcher said Chinese companies have the required expertise and willingness to drive growth in the region, particularly Saudi Arabia.
He said he brought two Chinese companies with him to explore the Saudi market and launch operations in the Kingdom. One of the companies is a top manufacturer of solar panels, Hoogerwerf told Arab News. He said the company is in talks with Saudi partners to start manufacturing operations here as the Kingdom is also making efforts to transition from traditional to renewable and sustainable energy sources.
The other company, he said, is a real estate giant and visiting the Kingdom for the first time.
Arab News also caught up with Nicolas Aguzin, CEO of Hong Kong Exchanges and Clearing Ltd, who appeared to be very upbeat on the prospects of increased collaboration between the Arab world and China.
He pitched his bourse as the perfect destination for the regional players to make investments.
“Hong Kong has now become the only market in the world where you can access not only international capital but also domestic capital from mainland China.”
He described the Arab-China conference as the perfect platform that helped HKEX connect China with the Arab world.
Aguzin said his company wants to ensure the financial world connects with the real economy.
“We are trying to ensure that capital from anywhere in the world can connect with the companies of tomorrow, such as (those in) technology and biotech sectors, by adjusting our listing regime.”
Aguzin said that many technology-focused companies require years of investment before turning profitable.
“We are creating a system that would be able to attract those companies, list them on our market, get funding and capital,” he added.
He said the business event in Riyadh will help bridge the gap between China and the Arab world and bolster economic cooperation.
“The (ongoing economic) transformation in the Middle East and Saudi Arabia, in particular, is astonishing, specifically in the last three, four years. We want to make sure the world knows this and understands this.”
He added that the world needs more connectivity to ensure development.
