Financial Secretary Paul Chan said on Sunday there is a lot of room for cooperation between Hong Kong and the Middle East in areas, such as finance and innovation and technology.

He made the comment after visiting Saudi Arabia last week to explain what the SAR has to offer to the region in terms of development opportunities, as his delegation met with business and political leaders there.

Writing on his weekly blog, he said Hong Kong's fundraising capabilities can offer diverse tools for the Middle East, where many major infrastructure projects are going ahead at full throttle.

"Hong Kong attracts international and mainland capital at the same time, while offering a rich array of financial instruments. We boast the world's largest IPO market this year, Asia's largest green finance market, and a thriving bond market," Chan said.

The minister said the Middle East and the SAR are similar in terms of promoting innovation and technology and digitalisation, adding that Saudi Arabia is very interested in Hong Kong's tech firms and startups.

Those that stood out, he noted, were in areas such as artificial intelligence, fintech and smart city management.

Chan went on to say the delegation signed cooperation memorandums to allow mainland firms to expand into new markets, demonstrating strengthened cooperation between mainland and SAR enterprises.

On the other hand, the minister noted that the first firm headquartered in the Middle East will soon make its debut on the Hong Kong bourse, and that he expects many more will follow.