Strengthening Ties in Innovation and Investment with the Middle East

HONG KONG SAR – Media OutReach Newswire - 6 November 2024 - At the Future Investment Initiative Institute 8th Edition (FII8), held from 29th October to 31st October in Riyadh, Saudi Arabia, the Hong Kong Science and Technology Parks Corporation (HKSTP) made significant strides in bridging Hong Kong and the Middle East's innovation and technology (I&T) ecosystems and capital investment.

Witnessed by the Hong Kong Special Administrative Region's (HKSAR) Financial Secretary Paul Chan and FII Institute's CEO Richard Attias, HKSTP's CEO Albert Wong signed a strategic partnership with FII Institute's COO Rakan Tarabzoni, making FII Institute a Global Strategic Partner of HKSTP's Global Connect programme, which will connect 20 high-potential Middle Eastern companies annually to Hong Kong, and vice versa. HKSTP has also been recognised as part of FII Institute's Investment Ecosystem.

Richard Attias, CEO of the FII Institute, applauded this partnership stating, "Today, we proudly welcome HKSTP into FII Institute's Investment Ecosystem. Together, we will foster an environment where ideas flourish, investments thrive, and a new era of growth is realised, paving the way for a sustainable future."

In addition, HKSTP also signed a partnership agreement with Beta Lab, where HKSTP will introduce its Park companies to the venture capital firm, providing them an opportunity to access Beta Lab's new US$300 million investment fund.

Led by CEO Albert Wong, HKSTP's unprecedented delegation of 25 tech ventures explored new business and investment opportunities at FII8, which is part of HKSTP's "Innovation Mixer" initiative. Seven of them secured partnerships with Middle Eastern partners to drive meaningful impact on humanity and economic growth. HKSTP also hosted the "Hong Kong Tech Disrupt" reception on the sidelines of FII8 to introduce the capabilities of HKSTP's robust I&T ecosystem and showcase Park companies' world-class innovations to the broader community of Middle Eastern investors and business partners.

The nine partnership agreements mark a milestone in the Hong Kong government's broader initiative to strengthen ties with the Middle East in technological advancement, economic development and investment opportunities between the two regions -- priorities outlined in Hong Kong's latest Policy Address in mid-October. This also aligns with HKSTP's Go Global vision and commitment to advancing Hong Kong into an international I&T hub.

Albert Wong, CEO of HKSTP said, "These groundbreaking collaborations reflect a shared commitment to strengthening our collaboration in creating opportunities for tech ventures from both regions to reach their highest potential. It also demonstrates our bold vision to drive progress in scientific, economic, and technological development for a better future. As a cradle and springboard for world-class innovation, HKSTP will continue to support our Park companies in unlocking the boundless potential of technology through cross-border collaboration with our Middle Eastern partners."

Key highlights of the seven partnerships signed between HKSTP's and Middle Eastern enterprises or organisations:

• In logistics and connectivity, Westwell is partnering with Ports Services & Storages, to integrate smart technology in logistics, container yard and supply chain activities in the Middle East and North Africa. Furthermore, Kian Alraqmiah Company's introduction of Altai's industrial-grade Wi-Fi solutions into Saudi Arabian container terminals and industrial zones will bring cutting-edge automation and connectivity to streamline regional trade.
• In AI and robotics, FJ Dynamics, a leading robotics and automation solutions provider for industries like agriculture, construction, and landscaping, is partnering with Saudi-based Sintechs to enhance robotics technology and marketing perspectives across critical industries, aligning with the Gulf region's tech-forward vision. Manifold Tech's AI-powered spatial intelligence solution will empower Geo Tech to collect, manage, and analyse large amount of real-time geospatial data more efficiently, raising industry standards. Nasla Tourism will deploy XKool's AI-powered construction management solution in its latest sport-themed park.
• In sustainability and green tech, the MoU between Volar Air Mobility and Aeronautica Aviation exchange knowledge and optimise both of their expertise to advance electrical aircraft operation in the Middle East.
• In wellness and health tech, innovative health wearable devices company Ninenovo will leverage Techmart Corporate's distribution network to expand in the UAE, Oman, Bahrain, Qatar and Kuwait, enriching consumer options for the Middle East fast-growing wellness-focused market.

Park company Archireef, a global pioneer of 3D-printed terracotta reef tiles for ocean restoration, was also voted "Audience Choice Award" at the FII8 Innovators Pitch Competition, competing against five up-and-coming startups from around the world.
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