Hong Kong tycoons say Middle East outlook remains promising despite conflict
New World scion Adrian Cheng highlights city’s status as safe haven for capital; K Wah’s Francis Lui says property and stocks holding firm
Hong Kong tycoons have expressed confidence in the Middle East’s economic outlook amid continued strikes by the United States and Israel on Iran and Tehran’s retaliatory attacks, stressing that the city’s economy is unlikely to be affected.
Speaking to the media in Beijing on the sidelines of the “two sessions” – the nation’s annual parliamentary meetings – on Wednesday, Adrian Cheng Chi-kong, former heir apparent to Hong Kong property giant New World Development, said the Middle East’s economic prospects remained promising.
“Most of the Middle East’s economies are mature; we are cautiously optimistic about their prospects,” the Chinese People’s Political Consultative Conference (CPPCC) member said.
Cheng also said the city could benefit from turmoil.
“If Hong Kong continues as a superconnector between the mainland and the world while cementing its role as an international financial centre, it will emerge as an excellent safe haven for capital,” he said.
Cheng’s remarks came after US-Israel strikes on Iran disrupted global supply chains and drove up oil prices, as US President Donald Trump warned the war could last four to five weeks.