(5 February 2023, Riyadh) Templewater’s Chairman and CEO, Mr. Cliff Zhang has joined Hong Kong Chief Executive, John Lee Ka-Chiu and his high-level delegation comprising over 30 influential representatives in different sectors this week in their visit to Saudi Arabia and the United Arab Emirates.
On Sunday, Hong Kong and Saudi Arabia have signed six bilateral agreements to forge closer ties between stock exchanges, investment cooperation, business associations and technology firms, with the Chief Executive vowing the two economies are “entering a new level of cooperation”.
At an investment forum attended by hundreds of business representatives in Riyadh on Sunday night, four Memorandums of Understanding (MOU) and two Letters of Intent (LOI) were exchanged.
Among them was an MOU between Hong Kong’s leading homegrown asset management company Templewater Limited, together with its two subsidiaries, Bravo Transport Services Limited (parent of CityBus and New World First Bus) and Wisdom Motor (a zero-emission commercial vehicle tech company headquartered in Hong Kong) with one of Saudi Arabia’s largest private conglomerates, Nesma.
Leveraging Bravo Transport’s experience in operating one of the world’s most efficient bus operations, and Wisdom Motor’s expertise in designing and developing zero-emission vehicles, Templewater and Nesma will work together on transforming commercial fleets in the Middle East and North Africa into zero-emission vehicles, an addressable market in excess of US$11 billion per year.
“The MOU is a key milestone for Bravo and Wisdom and it showcases what the Chief Executive mentioned about Hong Kong being well positioned to contribute to Saudi’s Vision 2030, and the mutual benefits that collaborations between the two sides brings,” Mr. Cliff Zhang said.
