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Thursday, September 28, 2023

Dubai and Hong Kong form economic partnership

Dubai’s Department of Economy and Tourism (DET) and Hong Kong’s Financial Services and the Treasury Bureau have signed an MoU at the Belt and Road Summit in Hong Kong. The agreement aims to enhance financial cooperation and deepen the bilateral relationship between the two cities, fostering growth in their financial services sectors.

The partnership focuses on transforming the family office sectors, strengthening connections, and creating cross-market opportunities. It aligns with both cities’ financial priorities and promotes collaboration in capital markets, fintech, and virtual assets.

The MoU also supports the growth of fintech ecosystems, organizes joint events, develops the virtual asset sector, and promotes knowledge exchange in green and sustainable finance. This collaboration aims to share best practices, product information, and talent development for sustainable financial innovation.

The MoU also aligns with the goals of the Dubai Economic Agenda D33, initiated by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, which aims to solidify Dubai’s position as one of the world’s top three cities and double the city’s economy in the next decade.

Hadi Badri stated, “This strategic partnership is a significant milestone for Dubai, demonstrating our commitment to realizing the leadership’s vision of positioning Dubai as one of the world’s top four global financial hubs. We aim to build an economic corridor in partnership with Hong Kong, China, fostering sustainable economic growth.”

“I am confident that this MoU will create a platform for enhanced economic collaboration between stakeholders in the family office and financial services sectors in both cities. Our focus will remain on harnessing our strengths, exploring innovative market opportunities, and nurturing the growth of the financial sectors in the emerging economy. We will emphasize leveraging our unique attributes, exploring new market prospects, and developing the financial sectors of the new economy.”

This strategic partnership seeks to facilitate innovative collaborations between Dubai and Hong Kong, including skill development programs, innovation challenges, research collaboration, and sustainability initiatives. The MoU allows both parties to tap into the expertise of financial regulatory bodies, organizations, institutions, and industry representatives, promoting cooperation and identifying joint opportunities. This collaboration will streamline the identification and execution of cooperative initiatives between the two regions.

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