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

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

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.

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https://www.scmp.com/business/article/3284363/hong-kong-start-ups-eye-funding-under-new-accord-beta-lab-saudi-arabia

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