Saudi Arabia yesterday signed an agreement with the Government of the Hong Kong Special Administrative Region of the People's Republic of China, to avoid double taxation and prevent tax evasion on income taxes, a report said.

The agreement was signed at the headquarters of the Hong Kong Government by the Saudi Consul-General in Hong Kong and Macao, Omar Bakheet Al-Bunyan, and the Secretary for Financial Services and the Treasury of Hong Kong, to strengthening trade exchange, and economic and investment cooperation between Saudi Arabia, Hong Kong and China, reported Emirates news agency Wam, citing the Saudi Press Agency.