FII 2024: Hong Kong start-ups eye funding under new accord with Beta Lab of Saudi Arabia

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Start-ups with expertise in artificial intelligence, biotech and green energy can contribute to Saudi Arabia’s economic diversification agenda

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HKSTP CEO Albert Wong Hak-keung (seated, right) signs the agreement with Beta Lab founder Abdulrahman Alolayan in Riyadh on October 29. Photo: Enoch Yiu

Enoch Yiuin Riyadh

Published: 9:39pm, 29 Oct 2024Updated: 9:57pm, 29 Oct 2024

Hong Kong’s main technology park operator and Saudi Arabia’s start-up incubator have agreed to collaborate, giving fintech companies in the city access to financing from a Middle East fund to pursue their growth ambitions.

Hong Kong Science and Technology Parks (HKSTP) and Beta Lab signed an agreement in Riyadh on Tuesday as the annual Future Investment Initiative (FII) summit kicked off in the Saudi capital. Financial Secretary Paul Chan Mo-po and Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih witnessed the event.

Start-ups in HKSTP’s parks may stand a chance of getting funding from Beta Lab’s new US$300 million investment fund, CEO Albert Wong Hak-keung said. In return, they can share their expertise in artificial intelligence (AI), biotechnology and green technology to help Saudi diversify its oil-based economy, he added.

“HKSTP will introduce over 1,200 established start-ups to Beta Lab for investment decisions,” Wong said in an interview after signing the deal with its founder Abdulrahman Alolayan. “It is important for the start-ups to show that their innovation and products are worthy of financial support.”

Attendees at the FII summit held in King Abdul Aziz International Conference Centre in Riyadh on October 29. Photo: Enoch Yiu

Both parties will also work together in marketing and promotions and share their resources. HKSTP will promote Beta Lab to more than 2,000 tenants based in its tech park in Tai Po, and offer value-added services to companies in Beta Lab’s investment portfolio.