Tsangs Group is pleased to announce that we have successfully signed a Memorandum of Understanding (“MoU”) in collaboration with Hong Kong Ambassadors Club (“HKAC”) 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.
“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.
“We feel honoured to sign this MoU with the renowned ROSHN Group, marking a humble milestone of further deepening of Saudi-Hong Kong ties. The Kingdom of Saudi Arabia is a staunch supporter of the Belt and Road Initiative, and every journey of ten thousand miles starts with a single step. For Tsangs Group cherishing traditionally strong ties with the Gulf Arab region and in its quest to diversify investments, we are also upbeat about the Saudi Vision 2030, the master plan to transform the Saudi economy to a well-diversified ecosystem led by technology and digitisation, creating jobs for Saudi nationals and investment opportunities for Hong Kong 3.0,” commented Patrick Tsang, Chairman of Tsangs Group.
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 Tsangs Group
Tsangs Group is an innovation-focused global family office that bridges East and West. Our mission is to invest in global opportunities that allow us to exert positive influence and drive positive impact in Hong Kong, Asia and beyond.
Headquartered in Hong Kong, Tsangs Group has direct investments across the world, we seek out positive impact investments that reflect our values of innovation, sustainability, and togetherness. Our strategy is opportunistic and both sector and location agnostic.
From fintech to entertainment to space travel, we are always investigating, analysing, and supporting the cutting edge of global innovation and development.
For further information:
Tsangs Group
Andre Kwok
Tel: +852 2361 3923
andre.kwok@tsangsgroup.co
Selena Sandhu
+1 628 588 7059
selena.sandhu@tsangsgroup.co
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