The Belt and Road Office (BRO) of Hong Kong and the Ministry of Investment of Saudi Arabia (MISA) signed a Memorandum of Understanding (MoU) on Friday to enhance information exchange and foster collaboration between the two sides.

Under the MoU, MISA will provide information on infrastructure and construction projects, and offer support to Hong Kong companies seeking to enter the Saudi Arabia market. In return, the BRO will share insights on the SAR’s professional services with MISA.

The MoU was signed by Nicholas Ho, Commissioner for BRO, and Fahad M Alhashem, Assistant Deputy for Services Sectors at MISA.

Chief Executive John Lee and Saudi Arabia’s Minister of Investment, Khalid Al-Falih also attended the signing ceremony.

“This MoU marks another significant milestone in the collaboration between the two sides under the Belt and Road Initiative (B&RI), especially as it is the first of its kind signed between Hong Kong and an overseas economy in this area of co-operation,” Lee said.

"Our professional services, ranging from finance, technology and architecture to engineering and legal services, could contribute significantly to the development of signature projects in Saudi Arabia and beyond. I am confident that this MoU will further strengthen the bilateral ties between the two economies."

Apart from the MoU, the SAR and Saudi Arabia are also working towards an agreement to promote mutual investment opportunities.

Lee led a delegation of senior officials and business leaders to Saudi Arabia two years ago to strengthen ties between the two places.