Hong Kong Ambassadors Club Signs Memorandum of Understanding with ROSHN Group for Tech Investment Collaboration
(Hong Kong, 27 November 2023) Hong Kong Ambassadors Club (“HKAC”) is pleased to announce that we have successfully signed a Memorandum of Understanding (“MoU”) in collaboration with Tsangs Group and the ROSHN Group, Saudi Arabia’s first real estate developer and PIF-owned giga project.
This agreement represents a significant step towards enhancing collaboration opportunities between the two parties in the field of technological investments.
The MoU was signed by Yassen Kattan, Head of Strategic and Corporate Affairs at ROSHN Group (left), and Patrick Tsang (lef, Chairman of the Tsang Group, Co-founder and Chairman of HKAC (right).
“Our collaboration with Tsangs Group and HKAC embodies our commitment to furthering Vision 2030’s objectives by fostering investment partnerships in the technology sector and building a diverse and sustainable economy. Investment in technology and innovation is one of the most resilient tools, capable of addressing changes. This MoU marks a pivotal moment for ROSHN, highlighting our role in promoting growth and prosperity in the Kingdom. Hong Kong has long served as a gateway and hub for technological investment in the Asia-Pacific region, and we are enthusiastic about our contribution to transforming the Kingdom into a global technology hub. We eagerly anticipate a more interconnected world ahead,” commented David Grover, The GCEO of ROSHN Group.
“The HKAC has been at the forefront in promoting not only Hong Kong as the global business and investment hub of choice but also as a catalyst for commercial and friendship ties along the New Silk Road. This includes business ties with the Kingdom of Saudi Arabia, the biggest Gulf economy, which has strongly supported the Belt and Road Initiative,” commented Patrick Tsang, Co-founder and Chairman of HKAC.
This partnership is expected to 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 centre and fostering new piloting opportunities for Hong Kong companies A-Grade Energy Ltd, a renewable energy material and technologies company, and Rice Robotics Limited, a smart logistics robot services company.
ROSHN’s collaboration with Tsangs Group and HKAC aligns with its strategy to partner with esteemed global entities, reinforcing its commitment to the principles of trust, integrity, responsibility, opportunity, and empowerment. This partnership highlights ROSHN’s steadfast dedication to align with the aspirations of Vision 2030, fostering both the well-being and economic prosperity within its integrated communities as well as beyond.
About ROSHN Group
ROSHN Group is Saudi Arabia’s most trusted multi-asset class real estate developer, and a giga-project wholly owned by the Saudi Public Investment Fund (PIF). ROSHN’s integrated developments offer a new way of living, supported by amenities within walking distance as well as green spaces, sports hubs, cycle lanes, and living beyond walls. Driven by technology, innovation, and sustainability, the Group is building at an unprecedented scale with a land bank of over 200 million sqm. The Group launched its flagship 35 million sqm community in Riyadh, SEDRA, in 2021 and delivered homes ahead of schedule, becoming the Kingdom’s first giga-project to deliver to customers. The Group went on to launch the 4 million sqm ALAROUS in Jeddah and announced two more integrated developments, WAREFA in Riyadh (1.4 million sqm), and ALFULWA in Al Ahsa (10.8 million sqm). By 2030, ROSHN will develop over 400,000 homes, as well as 1,000 kindergartens and schools, and over 700 mosques. Most recently, ROSHN launched MARAFY, a mixed-use development in northern Jeddah featuring the Kingdom’s first ever canal project, linking the Red Sea to over 300 square kilometers of waterfront promenade, covering a total area of more than 6.8 million square kilometers. The project will feature more than 52,000 residential units with a population capacity of over 130,000 people. As a national champion across a range of sectors, ROSHN takes a people-centric approach to building sustainably, pursuing corporate excellence, and partnering with the best-in-class to set new standards in mainstream development earning it the title of the best developer in the GCC by Construction Week Middle East’s Top 50 GCC Developers 2023 list.
For more information, please visit: https://roshn.sa
About Hong Kong Ambassadors Club
Hong Kong Ambassadors Club is an organisation for global investors and professionals seeking to deepen ties, build connections, and participate in intimate and high-level conversations with Hong Kong’s best, while obtaining regular newsletters and important and up to date on the ground information and celebrating the unique culture and spirit of its people.
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