18th Asian Financial Forum wraps up, positioning Hong Kong as global financial hub

 18th Asian Financial Forum wraps up, positioning Hong Kong as global financial hub
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Updated 15 January 2025
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18th Asian Financial Forum wraps up, positioning Hong Kong as global financial hub

 18th Asian Financial Forum wraps up, positioning Hong Kong as global financial hub

The 18th Asian Financial Forum, co-organized by the Hong Kong government and the Hong Kong Trade Development Council, successfully wrapped up on Jan. 14 under the theme “Powering the Next Growth Engine.” This year’s forum attracted more than 3,600 global financial and business elites from over 50 countries and regions. The event leveraged Hong Kong’s role as an international financial center to strengthen the international communication platform, foster multilateral cooperation and promote mutually beneficial outcomes. Three high-level Mainland China officials attended the opening session of the AFF, including Zhou Ji, executive vice director of the Hong Kong and Macao Affairs Office of the State Council of China; Dr. Pan Gongsheng, governor of the People’s Bank of China; and Liu Zhenmin, special envoy for climate change of China.

As the year’s first large-scale international financial and business event in the region, the atmosphere at the AFF was vibrant and charged with a positive energy. The forum showcased emerging perspectives across the diverse sessions, all of which were well-attended and well-received by speakers and audiences alike. Leaders from around the world actively engaged in discussion throughout the two-day event, with more than 130 policymakers, international financial and multilateral organization representatives, financial institutions, and global corporate leaders joining as speakers.

The speaker at the keynote luncheon on the first day of this year’s AFF was Professor Justin Lin Yifu, chief economist and senior vice president of the World Bank (2008-2012), who delivered an in-depth analysis of the shifting global economic landscape. Yifu said: “In terms of purchasing power, China has the largest domestic market in the world. I think China can reach a 4.5 percent growth rate on average annually between 2019 and 2049. Thus, China will continue to contribute around 30 percent of growth to the world every year. It’s good not only for China, but also will be the most important asset of Hong Kong in the coming years.”

Another keynote luncheon focused on “AI: Future Industries and Implications,” with Professor Stuart Russell, co-chair of the World Economic Forum’s Council on AI, sharing his insights into the development, application and governance of generative AI. Russell said: “We could build AI systems that are guaranteed to further human interests but we aren’t. Some may worry that the machines that we are building will become conscious and lose control, but competence should actually be the topic that we worry about. As history shows, we cause species to become extinct due to our competence, not our consciousness. We are training them to have human-like objectives, and that is a fundamental mistake. I am hoping that if we design the AI system well enough, they themselves will refuse to contribute to the enfeeblement of the human race.”

Another AI expert, Dr. Kai-Fu Lee, chairman of Sinovation Ventures, also addressed the transformative power of AI and its impact on technological advancements in the global business ecosystem during a dialogue session.

In alignment with the HKSAR government’s initiatives to promote sustainable development in Hong Kong, sustainability emerged as a key focus at the forum. A session featured experts including Sue Lloyd, vice chair of the International Sustainability Standards Board, who delved into the adoption of financial disclosure standards to enhance confidence in Hong Kong’s capital markets. Other discussions related to sustainable development included a breakfast panel dedicated to transition finance and two more sessions on sustainable investment and “Post-COP29 Implementation: Enhance Climate Ambition and Enable Financing Action,” during which Zhenmin, China’s special envoy for climate change, gave remarks.

The last day saw the debut of the GCC Chapter, jointly organized by the AFF and the GCC. Christopher Hui, secretary for financial services and the treasury of the HKSAR government, and Jasem Mohamed Al-Budaiwi, secretary-general of the Cooperation Council for the Arab States of the Gulf, delivered keynote remarks. Financial officials and representatives from Oman, Qatar, Saudi Arabia and the UAE joined industry leaders from Hong Kong to share updates on economic developments in the Gulf region, highlight future investment opportunities, and examine ways to strengthen financial cooperation and investment between the member states of the GCC and Hong Kong.

In addition, pioneers from a range of industries actively participated in sessions such as CIO Insights, Dialogues for Tomorrow and Global Spectrum, focusing on hot topics ranging from fintech and capital markets to female entrepreneurship and philanthropy. One of the heavyweight speakers at this year’s AFF was Joe Tsai, chairman of the Alibaba Group, who shared his views at a fireside chat moderated by Ronnie Chan, honorary chair, Hang Lung Properties Limited, on how large companies spur economic development in a session titled “Global Spectrum — The Role of Large Companies in Supporting Startups and Social Enterprises.”

Real-time polling was conducted during the forum to gauge participants’ views on various topics, such as the global economic outlook and China opportunities. It indicated that generative AI-led innovation (41.6 percent) and non-AI innovation, including digital infrastructure and healthcare (23 percent), were seen by participants as the most critical growth engines in the Asia Pacific region. Meanwhile, generative AI (31.4 percent) and advanced manufacturing (20 percent) were seen as the most promising growth sectors in Mainland China.

This year’s AFF Deal-making, co-organized by the HKTDC and the Hong Kong Venture Capital and Private Equity Association, brought together more than 270 investors and over 560 investment projects, with more than 700 one-on-one meetings held, covering a wide spectrum of sectors such as fintech, healthtech, deep tech, consumer goods, infrastructure and real estate, environment, energy and environmental technology. The meetings helped to connect funds and investment projects from across the globe.
As always, the AFF featured several exhibition zones, set up with the aim of creating business connections and promoting networking, including the Fintech Showcase, Fintech HK Startup Salon, the InnoVenture Salon, and the Global Investment Zone. These zones featured more than 140 exhibitors including international financial institutions, technology companies, startups, investment promotion agencies and sponsors such as AFF Knowledge Partner EY, along with HSBC, Bank of China (Hong Kong), Standard Chartered Bank, UBS, Prudential, China International Capital Corporation and Huatai International and more.

Three other events ran concurrently with the AFF across the two days. The Hong Kong International Fundraising Roundtable 2025 convened C-suite leaders from overseas and mainland enterprises with Hong Kong’s financial and professional service providers to address pressing financing and fundraising needs. The Malaysia–Hong Kong Islamic Finance Roundtable, co-organized with Malaysia International Islamic Financial Center Leadership Council, facilitated the development of cross-border financial activities between Hong Kong and Islamic economies represented by Malaysia. Additionally, the Family Office Symposium, co-organized with the Private Wealth Management Association, spotlighted Hong Kong’s advantages as a premier family office destination and explored current investment trends.


Cisco advances AI to support Saudi Arabia’s digitization goals

Cisco advances AI to support Saudi Arabia’s digitization goals
Updated 11 February 2025
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Cisco advances AI to support Saudi Arabia’s digitization goals

Cisco advances AI to support Saudi Arabia’s digitization goals

At LEAP 2025, Cisco, a global leader in networking and security, unveiled a series of strategic initiatives to advance AI in partnership with the Kingdom. By introducing advanced cloud data centers, AI talent development, and phased plans for local manufacturing, Cisco is deepening its commitment and strengthening its partnership with Saudi Arabia. These initiatives are designed to enhance Cisco’s regional presence and support the Kingdom’s ambitious digitization goals under Vision 2030, accelerating its evolution into a technology-driven economy.

“Our partnership with Cisco highlights the Kingdom’s commitment to accelerating its digital economy through innovation. These initiatives will enhance Saudi Arabia’s competitiveness both regionally and internationally by promoting innovation and the adoption of AI and cloud computing technologies.” said Vice Minister at the Saudi Ministry of Communications and IT Haytham Alohali.

“Cisco is proud to partner with the Kingdom to accelerate its Vision 2030,” said Cisco Chair and CEO Chuck Robbins. “Through our investments and innovation, we are protecting organizations, preparing the Saudi workforce for the AI era, and contributing to the local economy and manufacturing ecosystem. Together, we will pave the way for a more connected and secure future.” 

Chuck Robbins, Cisco Chair and CEO

“By aligning with key initiatives of Vision 2030, Cisco is committed to being a catalyst for digital transformation across various sectors in the Kingdom. As these projects advance, they will help strengthen digital infrastructure and drive economic growth to positively shape Saudi Arabia’s future,” said Salman Faqeeh, managing director, Cisco Saudi Arabia.

Delivering on its commitment, Cisco announced that its data centers for cloud security services as well as the Webex Collaboration Platform are now operational.

The security data center underpins Cisco’s cloud-based security services including its new secure service edge solution, Cisco Secure Access and Umbrella DNS. The center helps customers protect their users, infrastructure, and investments against threat actors and empowers them with flexible security services and data protection for devices, remote users, and distributed locations.

The collaboration data centers bring extensive services from the Webex suite such as meetings and calling closer to customers in the Kingdom and region.

Cisco will continue to advance AI and digital skills across the region as part of its Country Digital Acceleration program, aligning with the goals of the Saudi Research and Development National Strategy. In collaboration with King Abdulaziz City for Science and Technology, the company will invest in additional Cisco Certified Internetwork Expert certifications, one of the industry’s most widely recognized and respected certifications, to enhance the Kingdom’s talent pool of highly skilled local IT professionals that can support complex networking infrastructures in the AI era.

Initially launched in the Kingdom in 2016, Cisco’s CDA program supports digitization efforts across key industries, fostering digital skills and developing the innovation ecosystem in the country. To date, the program has implemented more than 20 projects of national impact across vital sectors.

With a regional head office in Riyadh, Cisco intends to build on its long-standing partnerships in the Kingdom by initiating a manufacturing base, with groundwork beginning in 2025. The initial phase will focus on fulfillment operations for wireless technologies to meet local demand, with the intent to scale up in response to evolving market needs.


Dell opens merge and fulfillment hub in Dammam

Dell opens merge and fulfillment hub in Dammam
Updated 11 February 2025
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Dell opens merge and fulfillment hub in Dammam

Dell opens merge and fulfillment hub in Dammam

Dell Technologies has opened its first merge and fulfillment center in Saudi Arabia. Located in Dammam, the hub is engineered to handle up to 600,000 units per year, across all Dell’s product lines as customer demand grows.

The Dammam center also features a second touch manufacturing facility for product customization of Dell’s servers to ensure they meet specific customer needs. This makes the servers ready-to-use, reduces time-to-market, and enhances customer satisfaction.

Dell has also relocated its Flat Panel Monitor Hub to the Dammam facility to serve local customers, offering shipment deliveries within two days to reduce lead times and enhance operational excellence.

The opening of the new center represents a pivotal step in advancing the Kingdom’s ICT ecosystem. The Saudi facility is Dell’s fifth in the EMEA region and reinforces the company’s commitment to Saudi Vision 2030 in driving economic diversification through technological innovation.

The strategic investment builds on Dell’s regional headquarters license to operate in Saudi Arabia and will support the Kingdom in creating new jobs across logistics, manufacturing and technical fields, training local talent and nurturing a culture of innovation.

Haytham Alohali, vice minister of communications and information technology, said: “Dell’s decision to establish its merge and fulfillment center in Saudi Arabia highlights the Kingdom’s emergence as a regional hub for logistics and innovation. This facility will help create jobs and strengthen our local manufacturing and supply chain capabilities aligned with Vision 2030. Together, Saudi Arabia and Dell are building a dynamic and resilient digital economy.”

Adrian McDonald, president — EMEA, Dell Technologies, added: “Opening Dell’s first fulfillment hub in Dammam marks a significant milestone in our commitment to supporting Saudi Arabia’s ambitious vision for the future. By leveraging over 30 years of Dell’s supply chain expertise, combined with investments in local talent, infrastructure and training, we are dedicated to empowering local and regional businesses to thrive in a digital-first economy.”

Led by Saudi nationals, the center leverages their expertise to oversee logistics, manufacturing, and operations, driving excellence while promoting sustainable growth. The Dammam hub will also work directly with Dell’s local channel partners to streamline product distribution and meet customer demands in Saudi Arabia. The facility will also host specialized training programs to equip Saudi professionals with advanced skills in technology and supply chain management, cultivating a robust local workforce.


LEAP 2025 announces $7.5bn in tech and AI investments on Day 2

LEAP 2025 announces $7.5bn in tech and AI investments on Day 2
Updated 11 February 2025
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LEAP 2025 announces $7.5bn in tech and AI investments on Day 2

LEAP 2025 announces $7.5bn in tech and AI investments on Day 2

LEAP 2025, the global tech event, witnessed a series of groundbreaking investments on Day 2, exceeding $7.5 billion, in data centers, submarine and fiber-optic cable networks.

These investments are focused on enhancing digital infrastructure and promoting innovation in artificial intelligence, further establishing Saudi Arabia as a regional hub for technology and innovation.

DataVolt, in collaboration with NEOM, announced a significant investment of $5 billion to establish the first fully sustainable AI data center in Oxagon, with a capacity of 1.5 GW. This cutting-edge facility aims to become a global hub for advanced computing and innovation.

Alfanar revealed a $1.4 billion investment to develop four data centers, with a total capacity of 88 MW. This initiative will support the growth of the digital economy and the development of business solutions in Saudi Arabia.

In a strategic initiative to improve the Kingdom’s digital infrastructure, Mobily committed $905 million to develop key projects, including submarine cable networks and advanced data centers. 

In addition, Zoom has pledged $75 million to drive AI innovation and establish new data centers, strengthening support for tech enterprises and government entities, which will further fuel digital expansion in the region. 

Saudi Arabia Railways has announced a $51 million investment in a private fiber-optic network, which will enhance digital connectivity and expand the country’s communications infrastructure. 

In addition, SkyFive has highlighted Saudi Arabia’s growing role as a regional hub for technological innovation by unveiling a $100 million investment in non-terrestrial network services. This will focus on pioneering advanced air mobility solutions and driving innovation in this field. Also, HPE announced the expansion of “Made in KSA” in the region, and the localization of HPE Aruba solutions to enhance infrastructure with security-first and AI-powered networking.

LEAP 2025 is organized by the Ministry of Communications and Information Technology; the Saudi Federation for Cybersecurity, Programming, and Drones; Tahaluf, an alliance between SFCPD and Informa PLC; and the Events Investment Fund. The event brings together global tech leaders to exchange insights, foster connections between investors and startups, and highlight innovative technologies. 

LEAP features educational experiences, workshops, and thought leadership sessions, including the “LEAP Into Innovation” by the Research, Development, and Innovation Authority. Discussions explore future-focused topics such as green hydrogen, carbon-neutral cities, sustainable mining, and space exploration. 

LEAP 2025 continues to solidify Saudi Arabia’s leadership in the global technology landscape, driving forward a future of innovation and sustainable digital transformation.


At LEAP 2025, Saudi fintech barq inks multiple deals to enhance digital wallet

At LEAP 2025, Saudi fintech barq inks multiple deals to enhance digital wallet
Updated 11 February 2025
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At LEAP 2025, Saudi fintech barq inks multiple deals to enhance digital wallet

At LEAP 2025, Saudi fintech barq inks multiple deals to enhance digital wallet

As part of its ongoing commitment to enhancing service quality and improving customer experiences, Saudi fintech barq signed partnership agreements and MoUs with several technical entities. This initiative will incorporate additional developmental features into barq’s digital wallet.

The signing took place on the first and second days of LEAP 2025, the world’s most attended tech event, hosted by the Kingdom for the fourth consecutive year at the Riyadh Exhibition and Convention Center in Malham, from Feb. 9 to 12. barq is participating alongside more than 1,800 brands from major international and local companies in the technology and financial sectors.

An MoU has been signed between Saad Al-Muhana, chief business officer at barq, and Fawzan Al-Muhaidib, executive vice president at Takamol, also known as Musaned — an integrated platform serving the domestic labor recruitment sector.

This agreement will enhance payment solutions for domestic labor. 

Additionally, Al-Muhana signed an agreement with Ali Alali, chief digital growth officer at Bcare, to better align with customer expectations and introduce advanced services to the digital wallet.

Naif Almuqbel, customer experience director at barq, represented the company during the signing of a partnership agreement with Lean Technologies, represented by Saleh Al-Ghamdi, general manager in Saudi Arabia, Lean Technologies.

On Day 2, an MoU was signed with Tree Company to diversify the range of services and features offered to customers, enhancing their overall experience. Maram Alfarraj, chief digital officer at Tree, and Basel Al-Hossan, product factory assistant manager at barq, took part in the signing ceremony.

These agreements represent an extension of barq’s collaboration with major technology firms. The partnerships are crucial for enabling barq’s digital wallet and its services (cards, marketplace, gamification, and others) to meet the growing demand for innovative fintech solutions, thereby expanding and enhancing their offerings both within the Kingdom and globally.


ROX Motor expands into Saudi Arabia with LEAP 2025 debut

ROX Motor expands into Saudi Arabia with LEAP 2025 debut
Updated 11 February 2025
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ROX Motor expands into Saudi Arabia with LEAP 2025 debut

ROX Motor expands into Saudi Arabia with LEAP 2025 debut

ROX Motor, a Chinese luxury new energy vehicle brand, officially entered the Saudi market with the debut of its luxury all-terrain SUV, ROX 01, at the LEAP 2025 exhibition. The company has already secured multiple orders, with sales now underway. In addition, ROX Motor, in partnership with the Laith Al-Obaidi Group, officially opened its first Saudi showroom in Riyadh, providing local customers with a more comprehensive and convenient car-buying experience. The brand’s flagship Saudi showroom on Khurais Road is set to open later this month.

Aligned with the global transition toward sustainable mobility, Saudi Arabia’s Vision 2030 initiatives present a unique market opportunity for ROX Motor to play a leading role in the country’s automotive future.

Jarvis Yan, co-founder and CEO of ROX Motor, said: “Our participation in LEAP marks just the beginning of our long-term commitment to the Saudi market. We’ve tailored our strategy to align with the country’s cultural landscape, consumer preferences, and regulatory framework, ensuring that our products and services are fully aligned with the local market’s demands. Looking ahead, we are excited to announce that we will be launching a new global model in the second half of this year, with plans to introduce one new model annually as part of our steady expansion strategy.”

This commitment is reflected in ROX 01, which integrates extended-range technology, offering zero emissions in electric mode and superior fuel efficiency in extended-range mode — perfectly aligning with Saudi Arabia’s sustainability goals. Its all-terrain capabilities enable seamless navigation across Saudi Arabia’s diverse landscapes, ranging from expansive deserts to rugged mountains, while its intelligent driving systems also provide an exceptional experience for urban and daily driving.

Further enhancing its dedication to Saudi customers, ROX Motor has integrated market-specific innovations, including Arabic voice interaction controls and climate-specific adaptations such as a high-capacity air-conditioning system, an electric drivetrain cooling system, and UV-blocking electric sunshades. 

Additionally, ROX Motor has signed MoUs with Stellar Gate Games, a joint venture between NetEase Games and Sandsoft, and COFE, a leading digital coffee platform, to jointly promote the development of ROX 01’s intelligent in-car cabin and outdoor lifestyles in Saudi Arabia, further demonstrating the brand’s focus on providing regionally customized solutions for customers across all markets.

Since its global expansion began in 2024, ROX Motor has exceeded 10,000 orders for the ROX 01 and established sales and service networks in over 20 countries, including Saudi Arabia, Qatar, Kazakhstan, and the UAE, where the ROX 01 now ranks third in the luxury SUV segment, trailing only the Land Rover Defender and Range Rover. With a solid foundation and strategic vision, ROX Motor is poised for continued growth, delivering innovative, luxury, and adventure-ready solutions to customers in Saudi Arabia and beyond.