February 23, 2024

Roshn Group Inks MoU With Tsangs Group

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This memorandum of understanding opens up new avenues for collaboration to drive technological investments
ROSHN Group Inks MOU with Tsangs Group For Tech Investment Collaboration-Image Credit-ROSHN Group

ROSHN Group, Saudi Arabia’s leading national real estate developer and PIF-owned giga-project, recently announced the signing of a Memorandum of Understanding with Tsangs Group Holdings Limited and Hong Kong Ambassadors Club.

Industry sources added that this partnership displays an important step toward boosting partnership opportunities between the two parties in the field of technological investments. This strategic MoU was signed by Yassen Kattan, Head of Strategic and Corporate Affairs at ROSHN Group, and Patrick Tsang, Chairman of Tsangs Group, Co-founder and Chairman of Hong Kong Ambassadors Club (“HKAC”).

Industry sources added that this partnership is expected to offer instrumental technological opportunities for both groups, paving the way for new avenues of collaboration and contribution in supporting innovation, and economic diversification efforts, and reinforcing Saudi Arabia’s position as a global technology center.

The GCEO of ROSHN Group, David Grover

The GCEO of ROSHN Group, David Grover, stated: “Our collaboration with Tsangs Group and Hong Kong Ambassadors Club 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.”

David added “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.”

Patrick Tsang, Chairman of Tsangs Group

Patrick Tsang, Chairman of Tsangs Group stated “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.”

Patrick further adds “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 digitization, creating jobs for Saudi nationals and investment opportunities for Hong Kong 3.0.”

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