The following is a round-up of some recent developments in the Middle East.
Hong Kong delegation visits Qatar
A business delegation led by John Lee, Hong Kong’s chief executive, and organised by the Hong Kong Trade Development Council (HKTDC) visited Doha and Lusail in Qatar on May 10.
35 memoranda of understanding (MoUs) and announcements were facilitated in trade and investment promotion, finance, transport and logistics, and innovation and technology, further strengthening collaboration between Hong Kong and mainland China.
The delegation, organised by the HKTDC, had over 50 business leaders from Hong Kong and enterprise representatives from seven mainland provinces and cities, including Beijing, Shanghai, Guangdong, Zhejiang, Fujian, Jiangsu, and Hubei, from sectors including finance, professional services, construction and real estate, transport and logistics, green development, innovation and technology (I&T), energy and manufacturing.
The delegation had meetings with business chambers, including Qatari Businessmen Association (QBA) and Qatar Chamber of Commerce and Industry (QCCI), and government bodies, including Qatar Financial Centre (QFC) and Qatar Development Bank (QDB).
The delegates also visited Lusail to observe how I&T integrates with urban planning and infrastructure and to explore collaboration opportunities for Hong Kong’s smart city solution providers. As the second largest city in Qatar, Lusail is becoming one of the country’s flagship smart cities due to its ICT-focused infrastructure facilities, which are under construction and nearing completion.
During the visit to the Qatar Foundation and its subsidiaries, the delegates discussed potential partnerships, technology transfer opportunities, and programmes for supporting tech start-ups with entities such as the Qatar National Research Fund, Qatar Science & Technology Park, and Education City. The visit provided insights into how Hong Kong’s technological advancements might align with Qatar’s strategic focus areas.
The Hong Kong Economic and Trade Office (HKETO) and HKTDC organised a high-level business luncheon, which was attended by 300 business leaders and key officials.
At the luncheon on May 12, Lee said: “To bring Hong Kong and Qatar together, I’m pleased to announce that with immediate effect, holders of the Hong Kong SAR passport can enjoy visa-free entry into Qatar, for 30 days at a time. Nationals of Qatar can also visit Hong Kong visa-free. These initiatives will make it that much easier to create partnerships, do business and enjoy life together,”
Peter Lam, chairman of the HKTDC, said: “In 2024, Qatar was Hong Kong’s third largest trading partner in the Middle East. This accounted for 6.6% of Hong Kong’s total trade with the region. There is a lot of room for growth.”
“Hong Kong is the most international city in the ever-growing Guangdong-Hong Kong-Macau Greater Bay Area. We are also the gateway to the vast mainland China market. Our proximity to Asian economies and half the world’s population boosts our role as a superconnector and super value-adder linking China with the world. Hong Kong is your access point to mainland China, the wider Asia region and beyond,” he added.
Gaw Capital Partners invests in Abu Dhabi
Real estate private equity firm Gaw Capital Partners, a residential building at Mamsha Gardens, a property located on Saadiyat Island in Abu Dhabi in the United Arab Emirates. The total net acquisition price of the asset exceeds $150 million, according to a media release.
Developed by Aldar, Mamsha Gardens is a low-density project featuring seven residential buildings nestled in the Saadiyat Cultural District, known for museums such as Louvre Abu Dhabi and teamLab Phenomena, as well as the soon to be completed Guggenheim Abu Dhabi, Zayed National Museum, and Natural History Museum. The development is also surrounded by educational institutions, luxury resort hotels, and golf and beach clubs.
The property, expected to be completed in 2028, comprises 71 serene units with a total saleable area of 176,046 sq. ft. The residential units, ranging from one to three-bedroom apartments and two to three-bedroom townhouses.
The developer Aldar is one of the UAE’s leading developers and the largest in Abu Dhabi, with over 20 years of experience specialising in luxury residential projects.
Christina Gaw, managing principal, global head of capital markets and co-chair of alternative investments at Gaw Capital Partners, said, “This landmark investment reflects our positive view on the dynamic Middle East market, its potential for growth and innovation, and our trust in Aldar as a leading UAE developer. We are committed to leveraging our expertise to drive value creation and sustainable development in the region.”
Humbert Pang, managing principal, head of China, and co-chair of alternative investments at Gaw Capital Partners, said, “The increase in expatriate demand, ongoing government initiatives attracting foreign investments, overall economic diversification effort in the UAE and the introduction of new residency permits have positively impacted the property market sentiment.”
Talal Al Dhiyebi, group chief executive officer at Aldar, commented: “This transaction underscores the strength of Aldar’s development platform and the growing appeal of Abu Dhabi’s increasingly mature real estate market to global investors – in the first quarter of 2025, 87% of Aldar’s UAE sales came from international buyers.”
Kuwaiti oil firm takes 25% stake in China’s Wanhua Chemical
In another move connected to the Middle East, Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC) and Wanhua Chemical Group signed an equity subscription agreement (ESA) in late April from which PIC will take a 25% equity stake in selected petrochemical assets of Wanhua Chemical in Yantai, China.
The agreement was signed by Nadia Al Hajji, chief executive officer (CEO) of PIC, and Kou Guangwu, president of Wanhua Chemical, in Yantai. The signing was witnessed by Shaikh Nawaf Al-Sabah, deputy chairman and CEO KPC, and Liao Zengtai, chairman of Wanhua Chemical.
Sabah said it was a ‘landmark’ agreement and ‘a significant milestone’ in the relationship between Kuwait and China.
Zengtai said: “Over the years, we have built strong relationships based on shared values and complementary capabilities. This new venture brings fresh momentum to our shared vision and supports the broader development of the petrochemical industry in Yantai and beyond.”
Nadia Al Hajji, PIC’s CEO, highlighted the project’s strategic importance in creating value through petrochemical assets while fostering mutual growth and innovation.
Guangwu said the company is committed to intelligent manufacturing and green technologies.
Citigroup Global Markets were exclusive financial advisor to PIC, while Ashurst acted as PIC’s legal counsel.
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