Chief Executive John Lee on Sunday held talks with the Saudi investment minister Khalid Al-Falih on his first full day of visit to the country.
The meeting lasted about 90 minutes.
Secretary for Financial Services and the Treasury Christopher Hui, who joined the meeting, described it as "a good beginning" afterwards.
The CE is expected to attend a press conference organised by the Trade Development Council and a HK-Saudi investment forum gala dinner later on Sunday.
Speaking on his arrival earlier in the capital Riyadh, Lee said one of the aims of the trip was to get the Saudi oil giant, Aramco, to list in Hong Kong. He also said he hopes to reach a "substantial" number of agreements during his trip to the Middle East.
The CE is leading a delegation in a visit to Saudi Arabia and the United Arab Emirates aimed at boosting business ties.