The close ties between Saudi Arabia and the Hong Kong Special Administrative Region were in the spotlight at celebrations for the 95th Saudi National Day on Hong Kong Island on Friday.

Chief Executive John Lee Ka-chiu attended the event hosted by the Royal Consulate General of Saudi Arabia in Hong Kong and Macao. He noted that the occasion also marked the 35th anniversary of the establishment of diplomatic relations between China and Saudi Arabia.

Lee said the partnership "continues to bring mutually rewarding times to both sides", pointing out that Saudi Arabia is China's largest trading partner in the Middle East, while China has been the kingdom's biggest trading partner for the past decade.

He recalled his first official visit to Saudi Arabia, the first Middle Eastern country he traveled to after taking office, and highlighted the increasing exchanges of senior officials and business delegations between the two sides.

Lee cited several milestones in bilateral cooperation, including the resumption of direct flights between Hong Kong and Riyadh, the signing of an MOU between Saudi Arabia's Ministry of Investment and Hong Kong's Belt and Road Office, and the launch of reciprocal exchange-traded funds.

"As of mid-August, the two Hong Kong ETFs had a combined market value exceeding $16 billion, up some 30 percent since their listing," Lee said. He also welcomed the $1 billion joint investment fund established by Saudi Arabia's Public Investment Fund and the Hong Kong Monetary Authority in October, aimed at supporting companies with Hong Kong links seeking to expand into the Saudi market.

The chief executive stressed that Hong Kong, as a "super connector and super value-adder", is well placed to contribute to Saudi Arabia's Vision 2030, which prioritizes foreign investment and the establishment of regional headquarters.

He noted that Hong Kong has increasingly become a hub for Belt and Road events, citing the hosting of the 2023 Future Investment Initiative Priority Summit, the Saudi Super Cup, and next year's Leap East — the first global edition of one of the Middle East's largest technology expos.

Lee said he looked forward to more exchanges in sports, culture, and tourism, stressing that such cooperation would further strengthen friendship between the peoples of Saudi Arabia and Hong Kong.

Saudi Consul General Mazin bin Hamad Alhimali also commended the outstanding and growing relations between Saudi Arabia and Hong Kong, which he described as a leading global financial center, investment destination, and innovation hub.

He said that on the historic occasion, Saudis not only celebrated past achievements but also looked ahead to a promising future guided by Vision 2030 under the leadership of King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud.

Alhimali emphasized the vast opportunities for cooperation in finance, technology, advanced industries, renewable energy, tourism, smart cities, infrastructure, and green development.

He also reaffirmed the kingdom's commitment to working with Hong Kong and Macao under the "One Country, Two Systems" principle and within the framework of the Saudi-China strategic partnership.