Chairman of Tsang Group Patrick Tsang (left) and Yassen Kattan, head of Strategic and Corporate Affairs at ROSHN Group, sign a Memorandum of Understanding on a new collaboration in Riyadh recently. (PHOTO PROVIDED TO CHINA DAILY)
Hong Kong-based Tsangs Group and Saudi Arabian real estate firm ROSHN Group have signed an agreement under which they will collaborate in the field of technological investments.
According to a Nov 27 press release from Tsangs Group, an innovation-focused global Hong Kong family office, the partnership will offer significant technological opportunities for both groups, paving the way for “new avenues of collaboration and contribution” in supporting innovation, economic diversification efforts, and reinforcing Saudi Arabia's position as a global technology center.
David Grover, group chief executive officer of ROSHN Group — which is a giga-venture owned by Saudi Arabia’s Public Investment Fund — said the collaboration with Tsangs Group embodies his group’s commitment to boosting Saudi’s Vision 2030 objectives
Further, it also aims to foster new piloting opportunities for two Hong Kong companies — A-Grade Energy Ltd, a renewable energy material and technologies firm; and Rice Robotics Limited, a smart logistics robot services company.
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David Grover, group chief executive officer of ROSHN Group — which is a giga-venture owned by Saudi Arabia’s Public Investment Fund — said the collaboration with Tsangs Group embodies his group’s commitment to boosting Saudi’s Vision 2030 objectives — the Arab nation’s economic diversification road map — through investment partnerships in the technology sector.
He said investment in technology and innovation is one of the most resilient tools, capable of addressing changes.
The memorandum of understanding (MoU) marks a pivotal moment for ROSHN, highlighting its role in promoting growth and prosperity in Saudi Arabia, and recognition of the fact that Hong Kong has long served as a gateway and hub for technological investment in the Asia-Pacific region, Grover said in the statement.
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Patrick Tsang, chairman of Tsangs Group, and co-founder of the Hong Kong Ambassadors Club, said the MoU with ROSHN Group marks a milestone to further deepen ties between the business communities of both Hong Kong Special Administrative Region and Saudi Arabia.
Tsang said they were also upbeat about the transformational impact of Saudi Vision 2030, which can create jobs for Saudi nationals and investment opportunities for Hong Kong.
