Saudi Arabia is actively seeking to attract investments from Hong Kong to develop Aseer, a new year-round tourist destination located 950 kilometers from Riyadh. Sultan Alshehri, the chief of investment for the Aseer Region Development Authority, recently visited Hong Kong for four days to promote the region's potential. Aseer covers an area of 81,000 square kilometers and aims to increase its hotel capacity by 10,000 rooms by 2030. Last year, Aseer received 541,544 local trips to its cultural sites, indicating a growing interest in the region's tourism offerings [549df0da].
The Saudi government is simplifying registration processes for foreign investors through a new investment law, which is part of the broader Vision 2030 initiative aimed at diversifying the economy. This initiative is also linked to Saudi Arabia's ambitions to host the World Expo 2030 and its candidacy for the 2034 FIFA World Cup. Alshehri is particularly interested in engaging hotel operators, developers, and event management companies to help realize Aseer’s tourism potential [549df0da].
In addition to these developments, Hong Kong and Saudi Arabia are strengthening their economic ties in other areas. Cathay Pacific Airways is set to relaunch direct passenger flights between Hong Kong and Riyadh on October 28, 2024, after having previously canceled the route in March 2017. This move is expected to enhance connectivity and promote business, trade, and tourism opportunities between the two regions [3495c906].
The airline will operate three return flights per week using its Airbus A350-900 aircraft, which aligns with Hong Kong's efforts to catch up with mainland Chinese airlines in providing long-haul flights to the Middle East. The Saudi Air Connectivity Programme anticipates that Cathay's new flights will boost Hong Kong as a key source market for inbound tourism to Saudi Arabia, contributing to the kingdom's goal of attracting 50 million visitors from China by 2030 [4fe3432a].
Furthermore, Hong Kong is collaborating with Saudi Arabia to develop an exchange-traded fund (ETF) that tracks local stock indices, enhancing investment opportunities between the two regions. This collaboration reflects the growing economic relationship and mutual interests in tourism and investment [88274b41].