https://arab.news/znte9
- Hong Kong company eyes investment opportunities in Saudi media, tech sectors
RIYADH: As Saudi Arabia is making great strides in the fields of media and technology, investors from Hong Kong are eyeing investment opportunities in the Kingdom.
According to Patrick Tsang, chairman of the city’s Tsangs Group, Saudi Arabia is set to receive “a lot” of funding that will propel the Kingdom into a new era of development.
During an interview with Arab News, Tsang said thanks to Saudi Arabia’s significant economic growth in recent years, his company is keen on expanding into the Gulf country as it offers immense opportunities.
“I foresee in the next five, 10, 15 years, this is the place to be. This will be the center of where the economy and the action will be,” said the executive..
He told Arab News that his company was planning to invest in the fields of media and technology in the Middle East.
Tsang said that his group is planning to establish a private members club in Riyadh without disclosing the location of the facility. He did reveal, however, that the group hoped to finalize all arrangements to ensure the opening of the center by 2024.
“I believe that technology will be a crucial part of the infrastructure in Vision 2030 in terms of the implementation, for example, clean tech, renewable energy, video games, and all kinds of technology will be great here. Infrastructure from rail to electric vehicles, the list is endless,” he said.
The bilateral ties between Saudi Arabia and China are strong and are “getting better and better,” Tsang said.
He views the presence of heavy traffic in the Saudi capital as a positive sign and indicative of a thriving economy.
Tsang added: “It’s very exciting to be here and there’s lots of opportunity.”
The senior executive praised the ongoing technological advancement in the Kingdom.
Sharing his experience with Prince Bandar bin Saud bin Khalid, secretary general of King Faisal Foundation, during a dinner in a Riyadh restaurant, he said: “The prince showed me something I’ve never seen in other countries. They have these little electric scanning pods underneath the tablecloth, (which) I could use to pay my bill via Apple Pay. If we have eight people, we can also set the program (so) that eight people could split the bill.”
Tsang underlined his excitement over such a brilliant use of technology making people’s life easier, by adding: “I haven’t seen this before.”
The Hong Kong-based company is also planning to bring a delegation related to biotechnology to the Middle East in the future.
“This is the right time, the right place. That’s why we’re here, and we’re going to be here for the long term,” Tsang added.
The company believes that they can assist in transferring technology and knowledge in the field of biotechnology to the region, particularly to support the development of young individuals and universities.