Companies from the United Arab Emirates are eyeing a longstanding engagement with Hong Kong as cooperation between the two regions offers full business potential, while the Gulf state recognizes the special administrative region as a pivotal gateway to the Chinese mainland market.
In an interview with China Daily, UAE Consul-General in Hong Kong, Sheikh Saoud Almualla, said many enterprises from his country – a federation of seven emirates – have begun operating in the SAR, including financial institutions like First Abu Dhabi Bank and Mashreq Group, as well as aviation firms, such as Emirates, and logistics companies like DP World.
“The establishment of a Dubai Chambers office in Hong Kong underscores our commitment to deepening bilateral economic ties, and is expected to facilitate UAE business expansion and the setting of company branches in the region,” he said.
The Dubai Chambers office, set up in early 2023 in collaboration with the Hong Kong Trade Development Council, is committed to promoting trade between Hong Kong and Dubai and attracting more businesses from the SAR to the UAE.
According to Almualla, financial sector partnerships, particularly in the area of family offices, would be mutually beneficial.
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In March this year, the Emirates Family Office Association signed a memorandum of understanding with the Hong Kong Academy for Wealth Legacy to establish a bridge for promoting dialogue and collaboration among family offices of the Chinese mainland and the UAE.
Given Hong Kong’s status as an offshore renminbi hub and financial center, the UAE is also seeking partnerships with the city in the capital market.
In December last year, the Hong Kong Monetary Authority and the UAE Central Bank agreed to cooperate in facilitating cross-border debt securities issuance and investment activities.
“Beyond finance, we see immense potential in tourism, education, cultural exchanges and people-to-people connections, as well as in sustainable urban development and innovation-related partnerships,” Almualla said.
He said the UAE sees Hong Kong as a springboard to tap into the Chinese market.
Besides cooperation among agencies of both regions, the UAE has created platforms, like the Zayed Sustainability Prize, to enhance exchanges of ideas and knowledge, and strengthen the bridge between the two economies.
Almualla said the UAE welcomes Chinese funds, innovators, startups and educational institutions to apply for the Zayed Sustainability Prize that offers awards of up to $1 million by June 23 this year.
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“Through these platforms, we hope to connect Chinese innovators with UAE investors and stakeholders. The spirit of collaboration supports the longstanding relationship between China and the UAE, which is rooted in economic partnership and guided by a shared commitment to a more sustainable and prosperous future,” the envoy said.
