Recently, John Lee Ka-chiu, Chief Executive of Hong Kong SAR, met with Abdullah Swaha, Minister of Communications and Information Technology of Saudi Arabia, who was visiting Hong Kong, in the Hong Kong Science Park. At the event, 11 companies including CIMC Enric Holdings Limited signed a memorandum of cooperation to enter the Saudi Arabian market and join the China Saudi Arabian Enterprise Federation. John Lee Ka-chiu witnessed the signing of the memorandum of cooperation.

Following John Lee Ka-chiu's visit to Saudi Arabia in February 2023, under the active promotion of bilateral economic and trade cooperation, the first batch of enterprises signed contracts. As the only clean energy enterprise among the first batch of 11 contracted enterprises, this signing has a milestone significance for CIMC Enric Holdings Limited. In the future, both sides are expected to conduct in-depth cooperation in clean energy comprehensive services and equipment manufacturing such as hydrogen energy and green methanol.

The only energy company among the 11 signed companies

In response to the severe challenges posed by climate change, Saudi Arabia, as the world's second largest oil producing country, has accelerated its energy transformation pace in recent years, actively promoted the use of clean energy, and made energy transformation an important component of its national strategy. Saudi Arabia's 2030 vision proposes to vigorously develop natural gas and new energy, including solar energy, nuclear energy, etc.

On January 30, 2023, Saudi Energy Minister Abdul Aziz bin Salman said in Cairo that Saudi Arabia would invest 1 trillion Saudi riyal to produce clean energy, aiming to become a major hydrogen exporter.

According to industry experts' analysis, hydrogen has great potential in reducing Saudi Arabia's carbon dioxide emissions, including long-distance transportation and chemicals. And advanced technology can enable Saudi Arabia to use hydrogen to store renewable energy. Saudi Arabia is expanding and strengthening cooperation with China in hydrogen production from natural gas, Synthetic fuel and carbon capture, utilization and storage.

In February 2023, when John Lee Ka-chiu led a delegation to visit Riyadh, the capital of Saudi Arabia, the two sides signed a series of memorandums of cooperation and letters of intent, including energy.

This time, CIMC Enric Holdings Limited and Yida Capital signed a memorandum of cooperation between China and Saudi Arabia, taking an important step towards entering the Saudi Arabian market. According to the memorandum of cooperation, both parties will conduct in-depth cooperation in clean energy comprehensive services and equipment manufacturing, such as hydrogen energy and green methanol, based on the principles of resource sharing, mutual benefit, and common development.

Yida Capital, which has signed contracts with 11 companies this time, is an investment institution dedicated to helping leading Chinese companies go overseas. We have been deeply involved in the Central and Northeast African region for many years and have established close and in-depth cooperation with sovereign governments in the Middle East. We have received key funding support from sovereign funds and consortia in the Middle East region. Among its investment portfolio, 13 companies have taken root in Saudi Arabia, with four of them about to go public.

In addition, during this event, the China Saudi Arabia Enterprise Federation announced the opening of its first Asian office in Hong Kong, connecting mainland China with Hong Kong and Saudi Arabia, and regularly organizing events in Saudi Arabia and Hong Kong to promote talent exchange, business cooperation, and cooperation in the innovative technology industry. The first 11 signed companies, including CIMC Enric Holdings Limited, have all joined the association.

The China Saudi Arabia Enterprise Federation was officially established in the capital city of Riyadh, Saudi Arabia in February 2023, with funding from the Saudi Ministry of Communications and Information Technology, and operated by Yida Capital. The China Saudi Arabia Enterprise Federation aims to connect high-level government agencies, enterprises, non-profit organizations, and academic institutions of the two countries, and promote communication between the two sides.

At the welcome dinner on the same day, John Lee Ka-chiu said that Hong Kong is a bridge to enter the mainland market, one of the engines for the construction of the Guangdong–Hong Kong–Macao Greater Bay Area, and is creating a huge space for investment and development. The Hong Kong the Belt and Road Summit Forum to be held in September 2023 will hold its first special session on the Middle East.

Realizing the layout of the entire hydrogen energy industry chain

CIMC Enric Holdings Limited, as a global leader in advanced intelligent manufacturing of clean energy, has achieved a full industrial chain layout around the production, storage, transportation, processing, and use of natural gas and hydrogen energy. In the field of hydrogen energy business, the company has carried out relevant businesses since 2006, and gradually realized the layout of the whole industrial chain around the "production, storage, transportation and utilization", covering equipment and businesses such as electrolytic cells, hydrogen tube bundle transport vehicles, hydrogen storage bottle groups, on-board hydrogen storage bottles, Hydrogen station, etc., and has become a leading supplier of key hydrogen energy equipment and solutions in China.

CIMC Enric Holdings Limited ranks among the top in the world in terms of production and sales of ISO liquid tank containers and high-pressure transport vehicles; The market share of low-temperature transport vehicles and low-temperature storage tanks is leading in China, with large LNG receiving stations, modular products of LNG refueling stations, and CNG refueling stations ranking first in the domestic market share.

In terms of clean energy on water, CIMC Enric Holdings Limited is also a leader in the segmented market of small and medium-sized liquefied gas carriers worldwide, with a product chain covering full pressure and semi cold and semi pressure series transport ships and LNG refueling ships that can carry various liquefied gases such as LPG, ethane, LEG, and LNG. Its global market share is among the top.

CIMC Enric Holdings Limited is also actively assisting in the green upgrading of inland waterway shipping, providing a complete set of equipment and services such as ship oil to gas conversion and LNG refueling.Editor/Ma Xue