Saudi Arabia's Public Investment Fund's ROSHN Group has signed a memorandum of understanding (MoU) with Hong Kong's Tsangs Group to deepen business ties and enhance opportunities in the technology sector. The collaboration also includes the Hong Kong Ambassadors Club, a global investors organization. The partnership extends opportunities to Hong Kong-based companies, including A-Grade Energy specializing in renewable energy materials and technologies, and Rice Robotics, known for smart logistics robot services. This partnership aims to strengthen Saudi Arabia's technological investment landscape and foster innovation in the technology sector. The MoU signifies the commitment of both parties to explore and develop mutually beneficial opportunities in areas such as renewable energy and smart logistics. The collaboration between the ROSHN Group and Tsangs Group highlights the growing importance of technology in driving economic growth and diversification in Saudi Arabia. [9cd98dd3]
In another development, Saudi Arabia's Minister of Investment, Khalid Al-Falih, met with Zhu Gongshan, Chairman of GCL Group, in Beijing to discuss strategic cooperation. The meeting also included Minister of Industry and Information Technology, Jin Zhuanglong, and Minister of Commerce, Wang Wentao. The discussions focused on the implementation of GCL's FBR granular silicon project in Saudi Arabia and cooperation in the green new energy and high-tech materials industry. Both parties expressed their commitment to expanding exchanges and achieving mutually beneficial development. GCL Group expressed its willingness to leverage its technology and innovation to contribute to Saudi Arabia's energy transition. The Saudi government and the Public Investment Fund (PIF) will support GCL's investment in Saudi Arabia and accelerate the signing of a cooperation agreement for the FBR granular silicon facilities. The meetings were attended by leaders from the Saudi Arabia Ministry of Investment and GCL Technology. [2f99e689]
FGS Global, a global PR firm, is currently investigating allegations of 'colonially-tinted discriminatory practices' in its Greater China leadership. An open letter addressed to FGS Global's global chairman Roland Rudd and Asia head Ben Richardson accuses certain leaders in the Hong Kong and mainland China offices of creating a 'self-perpetuating enclave of privilege' that hampers collaboration and strategic alignment. The firm's Asia business accounts for less than 10% of its $450 million global revenue and employs 70 staff across three offices in Greater China, one in Singapore, and one in Tokyo. FGS Global is majority-owned by WPP, with 30% acquired by KKR in a deal valuing FGS Global at $1.43 billion. In response to the allegations, FGS Global is sending APMEA chair James Murgatroyd to listen to staff concerns at its Greater China offices. The firm has also let go of eight people from its Greater China operation. The investigation into the allegations reflects the challenges faced by international PR firms in China, where growth has been difficult in recent years, leading to layoffs and reductions. [e87f3d2a]