Hong Kong leader John Lee meets head of UAE sovereign wealth fund over fostering collaboration with city’s firms
- Chief Executive John Lee visits Abu Dhabi offices of the Mubadala Investment Company, which has indicated interest in doing business in China
- City leader also visits major industrial zone developed by Chinese company and rubs shoulders with royalty and leader of AI firm with ambitious plans in Asia
Hong Kong’s leader has met the head of a sovereign wealth fund in the United Arab Emirates (UAE) that plays a crucial role in diversifying the economy of the oil-rich state in the hopes of creating new opportunities for collaboration with the city’s firms.
The government on Wednesday said Chief Executive John Lee Ka-chiu and his 30-strong delegation had visited the Abu Dhabi offices of the Mubadala Investment Company, which earlier indicated interest in doing business in China, on the second stop of his Middle East visit.
Lee also met one of the sons of the UAE’s founding father, as well as a royal family backed artificial intelligence company with ambitious expansion plans in Asia and visited Demonstration Park, an industrial zone developed by a Chinese enterprise.
“The success of the Demonstration Park, which is a joint project between China and the UAE, is a testament to the significance and potential of the ‘Belt and Road’ Initiative,” an official message on his Facebook page said.
“The [park] sets a good example and offers valuable experience for the Hong Kong enterprises who wish to expand their business in the Middle East.”
Jiangsu Overseas Cooperation and Investment Company began construction on the park – situated in Khalifa Industrial Zone – in 2018. The project is a landmark cooperation between China and the UAE that aims to promote new energy and fine chemicals, among others.
The UAE is Hong Kong’s largest trading partner in the Middle East and Abu Dhabi is the wealthiest emirate in the country. The oil-rich city is among the few globally to manage more than US$1 trillion in sovereign wealth capital.
