A Saudi Arabian investment institute has chosen Hong Kong as the location to hold its first Asian summit.

Since 2017, the Future Investment Initiative Institute has held its annual Future Investment Initiative in the Saudi capital, Riyadh, at which major political and economic issues are discussed, and exchanges promoted among global stakeholders.

The institute said it is bringing this "annual flagship event in the Middle East" to Asia for the first time, and the FII PRIORITY Asia Summit will be held in Hong Kong on December 7 and 8.

Financial Secretary Paul Chan welcomed the decision, saying SAR officials will provide support in hosting the summit.

"This demonstrates Hong Kong's unique position and role in connecting our country, Asia and the world, and will further deepen our ties with partners and counterparts around the globe, especially with those in the Middle East," he said.