Once reliant on oil, the desert economies of Qatar and Kuwait are rapidly transforming into hubs for technology and innovation, mirroring Hong Kong’s remarkable evolution from a fishing village to a global financial powerhouse.

This shared spirit of reinvention is driving unprecedented collaboration between Hong Kong and the Middle East, as demonstrated by Chief Executive John Lee’s high-level mission to the region from 11-15 May.

Over 50 business leaders and senior executives joined the delegation, marking the Chief Executive’s second Middle East tour since taking office. HKGCC Chairman Agnes Chan and several General Committee members were among the Hong Kong leaders and Mainland executives on the mission, highlighting the trilateral nature of these emerging partnerships. 

The timing aligns perfectly with the economic diversification strategies of the Gulf Cooperation Council (GCC) nations. Qatar is advancing its National Vision 2030 by expanding beyond LNG dominance into knowledge-based industries, while Kuwait’s Vision 2035 prioritizes private sector growth through mega-projects and digital transformation. Both countries are investing significantly in renewable energy, finance and innovation, sectors in which Hong Kong offers world-class expertise.

Organized by the Hong Kong Trade Development Council (HKTDC), the mission proved exceptionally productive, yielding 59 MoUs and agreements across various sectors. Chan signed MoUs on HKGCC’s behalf with the Qatar Chamber of Commerce & Industry (QCCI) and the Kuwait Chamber of Commerce & Industry (KCCI). Prominent signatories included MTR Corporation, HSBC, Airport Authority Hong Kong, Standard Chartered, Hang Seng Indexes Company and Deloitte China. 

Chan said these developments position Hong Kong as the natural partner for the Gulf’s economic transformation while creating new pathways for Mainland companies to access Middle Eastern markets. 

“The mission underscored Hong Kong’s unique role as a super-connector and a gateway to China and the world,” she stated. “It showcased our advantages as an international business hub, especially its world-class investment and trade platform. Importantly, in an uncertain global economy, it facilitated Mainland enterprises in exploring new markets and highlighted their synergistic relationship with Hong Kong businesses, ultimately offering comprehensive supply chain services.”

Then HKTDC Chairman and HKGCC General Committee member Dr Peter Lam said the mission was a welcome opportunity to engage with existing and prospective business partners and better understand the status of the local economy and growth plans. “The interactions fostered deeper mutual understanding of the culture and business environment and will open up more opportunities for Hong Kong businesses,” he noted.

Qatar: Strengthening Partnerships

Hong Kong’s third-largest trading partner in the Middle East, Qatar’s economy continues to experience remarkable growth rates. In 2024, the country recorded a growth rate of 2.4% compared to 2023, with GDP reaching US$195.8 billion, according to the country’s National Planning Council.  

On the first leg of the mission in Doha, enhancing bilateral relations was the primary focus of high-level meetings with Qatari Emir Tamim bin Hamad Al Thani and senior government officials.

A total of 35 MoUs and agreements were signed in trade, investment, finance, logistics and innovation. A new travel arrangement was also announced, permitting Hong Kong passport holders to visit the country visa-free for up to 30 days. Lee said these agreements empower Mainland companies to partner with Hong Kong firms and expand into the Middle East, deepening economic and people-to-people links. 

During a meeting with Qatar’s Minister of Labour, Dr Ali bin Saeed bin Samikh Al Marri, Lee pointed out that Hong Kong is home to five of the world’s top 100 universities and is developing into an international hub for tertiary education. Highlighting Hong Kong’s Belt & Road Scholarship, Lee encouraged students from Belt & Road regions to pursue education and career opportunities in the city. 

Amid exchanges with the Qatari Businessmen Association and QCCI, Lee underlined Hong Kong’s robust legal system, resilient financial system and low tax regime under the “One Country, Two Systems” principle. 

The Hong Kong Economic and Trade Office in Dubai and HKTDC also hosted a business luncheon attended by over 300 government and business representatives. At the event, agreements were announced across technology, legal collaboration, finance, banking, capital market development and other fields. 

In addition, Mainland and Qatari companies signed two deals to foster collaboration in financial services and high-end manufacturing. Hong Kong, China and Qatar also sealed a tripartite fintech deal covering Web3 and AI.

Site visits included Hamad International Airport to learn about its autonomous vehicle pilot project. The delegation also toured Lusail City, which integrates I&T with urban planning.

HKGCC LegCo Representative Jeffrey Lam noted that the various GCC nations have their own characteristics and are particularly interested in Hong Kong’s professional services, finance, high-tech and healthcare industries. “We not only need to understand the local situation but also keep them updated about the situation in Hong Kong, as they are also seeking investment opportunities here,” he said.

Kuwait: New Era of Collaboration

In Kuwait City, the delegation received a warm welcome from Kuwaiti Emir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah and held substantive talks with the Crown Prince and Acting Prime Minister.

The visit underscored the growing economic collaboration between the regions. Kuwait was Hong Kong’s sixth-largest trading partner in the Middle East last year, while China has been Kuwait’s top trading partner for five consecutive years. With a GDP per capita of US$32,290 in 2024 and a working-age population of nearly 80%, Kuwait presents significant opportunities for trade and investment.

To deepen bilateral cooperation, HKETO Dubai and HKTDC hosted a business luncheon attended by 270 government and industry leaders. Hong Kong and Mainland companies signed 24 MoUs and agreements with Kuwaiti counterparts, covering trade, finance, logistics, innovation, agriculture, education and sports. 

The delegation also met with Dr. Meshaal Jaber Al-Ahmad Al-Sabah, Director General of the Kuwait Direct Investment Promotion Authority, who elaborated on Kuwait’s foreign investment strategies, along with private sector organizations such as KCCI and Bukhamseen Holding.

Cultural understanding formed a key aspect of the visit, with the delegation touring the Sheikh Abdullah Al Salem Cultural Centre to appreciate Kuwait’s rich heritage and history. 

HKGCC General Committee member Betty Yuen, Non-executive Director at CLP Holdings Ltd, stated that the Middle East presents significant market potential. 

“We are already witnessing some early successes. Hong Kong’s strengths as a financial and trading hub, along with the Mainland’s robust technology and advanced manufacturing capabilities, meet these countries’ needs to diversify their economies,” she explained. “Their financial wealth provides opportunities for cooperation across many areas. The Chief Executive has been working tirelessly to open doors for the business community – it is now up to us all to deliver solid results.”

Summarizing the mission, Chan said the delegation’s efforts solidified Hong Kong’s role as a key partner in the Gulf’s economic transformation, promoting mutual understanding and a shared vision for collaboration.