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Monday, April 22, 2024

Dubai and Hong Kong partner for an economic corridor

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. This MoU, signed by Hadi Badri, CEO of the Dubai Economic Development Corporation, Dubai Department of Economy and Tourism, and Joseph Chan, Under Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, aims to promote financial cooperation and knowledge exchange between the two cities.

The agreement underscores both governments’ dedication to strengthening collaboration, enhancing bilateral relationships, and fostering mutual growth in their financial services sectors. The MoU also sets the stage for an active partnership that will contribute to the development of family office sectors, facilitate connections, and create cross-market opportunities in both cities.

Hadi Badri emphasized the significance of this agreement in aligning with the financial services priorities of both governments and promoting economic knowledge exchange and collaboration among various stakeholders.

The partnership focuses on bolstering family office hubs and fostering collaboration across capital markets, fintech, and virtual assets between Dubai and Hong Kong.

A spokesperson representing the Government of the Hong Kong Special Administrative Region stated, “The MoU reaffirms the commitment of both the Hong Kong Special Administrative Region and Dubai to enhance their overall relationship and cooperation.

It facilitates the sustainable development of their respective financial services industries. Additionally, the MoU will facilitate policy discussions, knowledge sharing, and the identification of collaboration opportunities in crucial areas of the financial services industry, including family offices, fintech, virtual assets, green and sustainable finance, among others.”

The MoU will also contribute to the advancement of the cities’ Fintech ecosystems through collaborative events with relevant agencies and the development of the virtual asset sector. Notably, the agreement emphasizes knowledge exchange in the vital field of green and sustainable finance, involving the sharing of best practices, product information, and talent development to drive innovation in sustainable finance.

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