A Landmark Collaboration Between Saudi & Hong Kong for Post-pandemic Development: How viAct Can Pivot The Technology Transfer to Saudi?

Hong Kong is well-known for its dynamic and fast-paced economic development, its technology sector being no exception. The city has a rich history of technological innovation, and in recent years, it has seen significant advancements in various areas, with artificial intelligence being one of the key areas of focus. In fact, the city has been the home to a thriving ecosystem of AI startups and has a large pool of AI talent.

In the recent times, with factors like increasing globalization, the companies in Hong Kong are exploring new markets to expand their reach. One of the most promising opportunities for Hong Kong businesses currently is the Kingdom of Saudi Arabia. In fact, the recent visit of Hong Kong Chief Executive, John Lee Ka-chiu to Saudi Arabia and the United Arab Emirates (UAE) spells out well the HK opportunities in Saudi Arabia.??

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Saudi Arabia: The Emerging Land of Opportunities for Hong Kong

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Saudi Arabia is undergoing glaring economic reforms and efforts at modernization under its Vision 2030 initiative. The initiative aims at diversifying the kingdom’s economy and reducing its dependence on oil. This initiative has opened up copious opportunities for both foreign investments as well as business partnerships.

For the businesses in Hong Kong, this can be a big break as there are several key advantages of setting up operations in Saudi Arabia. First of all, the country offers a large and growing market with a population of over 34 million with a rapidly expanding middle class section. Secondly, the government is actively seeking foreign investment and has introduced several business-friendly measures to encourage investment, including ease of doing business and a streamlined process for obtaining necessary licenses and permits.

In addition, the Saudi Arabian market is also attractive to Hong Kong businesses owing to its proximity to other fast-growing markets in the region, the UAE and Qatar being the big names. This allows companies to tap into a larger regional market and benefit from the wide-ranging business and trade opportunities available in the Gulf Cooperation Council (GCC) countries.

Despite these general advantages, the businesses in Hong Kong can find great growth opportunities in certain specific sectors in Saudi Arabia, namely:

·??????Technology: Saudi Arabia is investing heavily in technology, particularly in areas such as Artificial Intelligence, Internet-of-Things (IoT), and 5G. This provides a golden chance for Hong Kong technology companies to bring their expertise and cutting-edge products to the market.

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·??????Infrastructure: With its Vision 2030 initiative, Saudi Arabia is making major investments in its infrastructure, including transportation, energy, and real estate. In this regard, Hong Kong construction and engineering firms can take advantage of this growth by participating in major infrastructure projects.

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Tourism is yet another sector that is rapidly growing in Saudi Arabia and where the businesses of Hong Kong can find good opportunities of growth. Thus, in a nutshell, Hong Kong’s businesses have plethora of opportunities to grow themselves in Saudi Arabia. The country's fast-growing market, coupled with its favourable business environment, and strategic location make it an ideal destination for companies looking to expand into new markets. On the top of it, with its Vision 2030 initiative, Saudi Arabia is at the pinnacle of growth in the years to come, providing great many opportunities for Hong Kong businesses to succeed and thrive.

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How Can viAct Act as a Bridge Between Hong Kong & Saudi Arabia?

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Since its very inception, viAct has been constantly striving and improving its AI Monitoring solutions to meet the emerging needs and challenges faced by various workplaces. It has been 5+ years of providing smart solutions in HK and our solutions have been trusted by many construction giants like MTR, Shui On to name a few. Today viAct has been ranked as the leading AI Monitoring Solutions provider in Hong Kong. Not only this, currently viAct is making a headway towards spreading its wings to different parts of Asia & Europe.

Being a leading AI monitoring solutions provider, viAct I think can play a major role in linking Hong Kong’s rich technological expertise and Saudi Arabia’s growing need for technology and innovation. It is because of the following reasons:

·??????Trusted & Validated by Leaders: The high accuracy of viAct’s AI (around 98%) makes it an efficient and reliable solution to various construction jobsites across Asia & Europe. “After deploying viAct’s smart AI monitoring solution, we are certainly seeing 80% less fatal accidents in the jobsite. The Modules are really easy-to-use – just plug & play. Also, the on-boarding process was very swift. Thank You viAct! For such easy-to-use monitoring solutions.”, said Project Safety Officer at Bouygues Travaux Publics, Hong Kong.

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·??????Award Winning AI: viAct has been successful in captivating the attention of various national & international organizations for its innovative solutions and the contributions that it has been making towards creating safer workplaces. In this regard, viAct has made several awards to its name. In the year 2022, viAct has been awarded the “Certificate of Merit for Technological Achievement” at Hong Kong Awards for Industries HKAI 2021-22; the “Tech Company of the Year” Award at BUSINESS GOVirtual Expo & Conference; the “Best Product(s)/Service(s)” at the World of Safety and Health Asia Awards 2022; and “2022 KPMG China Leading PropTech 50” and so many more. viAct has also made up to list of “Forbes Asia 100 to Watch” list in 2022. Another fact that adds a feather to the crown is, viAct’s solutions have strong research backing making it the only HK ConTech Company to win “Josef Umdasch Research Prize 2021”.?

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·??????Multi-Industry Establishment: After the various successful deployments of the AI monitoring solutions in multiple construction jobsites across Asia and making them safer, effective and sustainable; viAct is now leveraging the power of its Scenario-based AI Video Analytics to solve the various bottlenecks existing in other critical workplaces like the oil & gas, mining, manufacturing, facility management and also smart cities.

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·??????viAct’s Partnership: viAct has already set its foot into the GCC region and its recent partnership with OMNIX International is an important step in this regard. With this partnership, viAct has set the floor to make its product(s) and solution(s) reach the GCC region.

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In conclusion, the collaboration between the Hong Kong and Saudi Arabia for innovative development, investment and business opportunities would mark a landmark event in global technology market with Artificial Intelligence standing at its core to enhance safety, productivity and ESG at industrial level.