Global cities Dubai and Hong Kong forge financial services partnership to activate economic corridor

• Dubai's Department of Economy and Tourism (DET) and the Financial Services and the Treasury Bureau of the Government of the Hong Kong Special Administrative Region of the People's Republic of China (Hong Kong, China) sign Memorandum of Understanding (MoU) at the Belt and Road Summit in Hong Kong

• The MoU will facilitate cross-market connectivity, synergy and opportunities in financial services, and support the development of family office hubs and greater collaboration between the two cities in fintech, virtual assets and green and sustainable finance, etc.

DUBAI, UNITED ARAB EMIRATES - Media OutReach - 14 September 2023 - Dubai's Department of Economy and Tourism (DET) and the Financial Services and the Treasury Bureau of the Government of Hong Kong, China signed a MoU aimed at fostering financial cooperation between Dubai and Hong Kong. The MoU was signed at the Belt and Road Summit in Hong Kong by Hadi Badri and Mr Joseph Chan, the Under Secretary for Financial Services and the Treasury of the Government of the Hong Kong Special Administrative Region.

The MoU represents a strong commitment towards economic partnership in the financial services sector and highlights the intent of the Governments of Dubai and Hong Kong Special Administrative Region to cultivate their bilateral relationship through knowledge exchange and fostering collaboration between their financial markets, thereby contributing to thriving development of the financial services sectors in both cities.

The MoU paves the way for a dynamic partnership, with the two places poised to transform the family office sector's landscape, strengthen connections and drive cross-market opportunities.

Hadi Badri, CEO of Dubai Economic Development Corporation, Dubai Department of Economy and Tourism: "This landmark agreement MOU is aligned with the financial services priorities of both cities' governments, and sets the stage for enhanced economic knowledge exchange and collaboration between a range of stakeholders. We are steadfast in our commitment to fostering family office hubs, cultivating enhanced collaboration across capital markets, fintech and virtual assets between the two cities."

A spokesperson for the Government of the Hong Kong Special Administrative Region said: "The MOU reaffirms the commitment of the Hong Kong Special Administrative Region and Dubai on strengthening the broader relationship and cooperation between the two places, and facilitates the mutual sustainable development of the financial services industries. Furthermore, the MOU will help facilitate policy communication, knowledge exchange and identification of cooperation opportunities in the key areas of financial services industry between the two places, including but not limited to family offices, fintech, virtual asset, green and sustainable finance, etc."

The MoU will also facilitate the growth of the cities' Fintech ecosystems, potentially with joint events hosted with relevant agencies, in addition to developing the virtual asset sector. Another key feature of the MoU is accelerating knowledge exchange within the crucial domain of green and sustainable finance, including best practices, product information and nurturing of talent.

The MoU also adds impetus to Dubai's Economic Agenda 2033, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, to consolidate Dubai's status as one of the top three global cities and to double the city's economy in the next decade.

Hadi Badri said: " This strategic alliance is another milestone for Dubai and symbolises our commitment towards realising the vision of our leadership's D33 ambitions to position Dubai as a top 4 global financial capital, as well as building an economic corridor in partnership with Hong Kong, China to generate incremental and sustainable economic growth.

"I am confident that this MoU will provide a platform for greater economic collaboration between stakeholders participating in the family office and financial services industries in both cities. Our focus will remain on harnessing our strengths and capabilities, uncovering novel opportunities within markets, and nurturing the growth of the financial sectors within the emerging economy. We will emphasize on leveraging our unique attributes; exploring innovative markets prospects, and developing out the new economy's financial sectors."

This strategic partnership aims to facilitate innovative collaborations between Dubai and Hong Kong, China, encompassing activities such as skill development programs, innovation challenges, research collaboration, and sustainability initiatives. The MoU enables both parties to harness the expertise of financial regulatory bodies, organizations, institutions, and industry representatives, enhancing cooperation and identifying opportunities for joint efforts. This collaboration will streamline the identification and execution of cooperative activities between the two places.

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About Dubai's Department of Economy and Tourism (DET)

With the ultimate vision of making Dubai, the world's leading commercial centre, investment hub and tourism destination, Dubai's Department of Economy and Tourism (DET) is mandated to support the Government in positioning the emirate as a major hub for global economy and tourism, and in boosting the city's economic and tourism competitiveness indicators. Under this remit, DET is driving efforts to further enhance Dubai's diversified, innovative service-based economy to attract top global talent, deliver a world-class business environment and accelerate productivity growth. Additionally, DET is supporting Dubai's vision to become the world's best city to live and work in by promoting its diverse destination proposition, unique lifestyle and outstanding quality of life, overall.