FII Institute picks the Post as its exclusive Asia-Pacific print media contributor for its inaugural Hong Kong conference

The FII Institute, a think tank backed by Saudi Arabia’s sovereign wealth fund, has invited the South China Morning Post to be the exclusive Asia-Pacific print media contributor to its inaugural conference in Hong Kong, scheduled for December 7 and 8.

The FII Priority Hong Kong conference, held in partnership with the city’s government and Hong Kong Exchanges and Clearing Limited (HKEX), will be held at the local stock exchange’s Connect Hall in Central, FII said during a press conference in Paris.

Chief Executive John Lee Ka-chiu will attend the opening ceremony, while Financial Secretary Paul Chan Mo-po is scheduled to speak at the event. HKEX Chairman Laura Cha will headline a line-up of more than 120 speakers, comprising policymakers, financiers, scholars and business executives from the mainland, Hong Kong, the Middle East, Europe, the United States and Southeast Asia.

The organisation is in talks to invite Chinese officials from Beijing to attend, according to Richard Attias, chief executive of the FII Institute. Almost 1,000 attendees had registered as of November 24 to attend the two-day conference, he said.

The Board of Changemakers session at the FII New Compass conference in Riyadh on October 24, 2023. Photo: Catherine So.

Yasir Al-Rumayyan, the governor of the Public Investment Fund (PIF), the Saudi sovereign wealth fund with more than US$700 billion of assets under management, will lead the kingdom’s delegation to Hong Kong. Accompanying him will be the Saudi ambassador to the United States, Princess Reema bint Bandar Al Saud, and the Saudi investment minister Khalid Al-Falih, Attias said.

A range of topics will be up for discussion during the summit, from artificial intelligence (AI), economic growth, healthcare and environment, social and governance (ESG) to the clean economy and supply chain shifts, according to a draft programme.

“This partnership with the FII puts the SCMP in the position to connect our mission of leading the global conversation about China and Asia with our growing readership in the Middle East, and reinforces the role of Hong Kong as the Super Connector” between the regions, said SCMP’s CEO Catherine So. “We are building on this on the back of resources and relations that we have committed to the Middle East region over the past year.”

The invitation to the Post, which marked its 120th anniversary on November 6, underscores its recent investments in coverage and distribution strategies to include the nations of the Gulf Cooperation Council (GCC). The Post took part in the FII’s seventh annual conference in Riyadh last month, assigning several senior editors and journalists to moderate events and report from the Saudi capital.

The Hong Kong summit will continue the conversations that took place in Riyadh in October under the theme ‘The New Compass,’ seeking workable solutions to unlocking ESG flows to the Global South, driving global alignment on the regulation of artificial intelligence (AI), and investment for more equitable access to education and healthcare, Attias said.

“We have chosen to host the inaugural FII PRIORITY Summit in Hong Kong under the theme Megatrends because of the strategic global importance of this great city as a hub for business, investment and as a launch pad for unleashing innovation,” he said in a November 24 interview.

“In a world which urgently needs to tackle big issues such as economic growth, prosperity for all, equitable access to education and healthcare, and climate change investment, we are actively building bridges between economies and regions,” he said. “Hong Kong is the place to do just that.”

Saudi Arabia’s economy grew 8.7 per cent last year, making it the fastest growth pace among the G20 members, according to the International Monetary Fund. A flurry of bilateral visits between the kingdom, China and Hong Kong underscored the warming of diplomatic ties and investment interest.

President Xi Jinping visited the kingdom last December, followed by Hong Kong’s Chief Executive Lee in February. Several collaboration agreements have been signed since then, between financial institutions and regulators in Riyadh, Beijing and Hong Kong, concerning everything from stock exchange listings to investments and even digital currencies.

The most recent of these was the overnight announcement by the People’s Bank of China and the Saudi Central Bank for a three-year, 50 billion yuan currency swap agreement, which would pave the way for both nations to conduct their trade-in their local currencies.

“This is just the beginning of a long journey of partnership and collaboration between [the mainland], Hong Kong and the Middle East in general,” Attias said, adding that the FII Institute can be the bridge between the Middle East, Saudi Arabia, China and Asia.

The FII is a non-profit, data-driven think tank that also has an investment arm with “Impact on Humanity” as its main agenda. FII made Hong Kong its first Asia destination for its Priority series of conferences. The previous editions were Miami in March, New York in September 2022 and London in May 2022.

The highlight of the Hong Kong conference will be the Board of Changemakers session on the first day. HKEX’s Chairman Cha, Hang Lung Group’s Chairman Ronnie Chan, Pacific Century Group’s Chairman Richard Li, Goldman Sachs’ Asia-Pacific President Kevin Sneader will be among the speakers during the 45-minute session, according to the draft programme.