The United Arab Emirates (UAE) and the Hong Kong Special Administrative Region have given their relations a new boost with the signing of five Memoranda of Understanding (MoUs), covering strategic sectors from capital market and other financial services to start-up ecosystems, technology, and trade infrastructure.

The signing ceremony took place at Investopia Global — Hong Kong on Sept 17.

Among the highlights were the signing of an MoU between the Abu Dhabi Securities Exchange (ADX) — one of the fastest-growing in the region — and Hong Kong Exchanges and Clearing Limited (HKEX).  This will expand the ADX's international presence, advance global connectivity through mutual market access, and support the co-development of products and services catering to investor needs.

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The parties will also explore dual listings, cross-border financing, and mechanisms to facilitate investment, while also evaluating collaboration on exchange-traded funds and exploring Environmental, Social, and Governance, or ESG-related products and indices, according to a press release.

Meanwhile, the UAE global tech ecosystem Hub71 signed three MoUs with Cyberport, the MTR Lab, and the Hong Kong–Shenzhen Innovation and Technology Park.

These deals will allow the parties to support start-ups in both the UAE and Hong Kong, establish a presence in each other’s jurisdiction, and fast-track access to grants.

In a video message, Hong Kong Chief Executive John Lee Ka-chiu said the gathering was “another big step forward in unleashing that potential” of cooperation between the UAE and Hong Kong.

“Hong Kong offers business-friendly policies to foreign enterprises, those from the UAE very much included. By setting up your offices here, your companies can enjoy more flexibility and convenience when doing business on the mainland, under the updated Mainland and Hong Kong Closer Economic Partnership Arrangement,” said Lee.

“Our proximity to the mainland and various travel facilitation schemes also mean that it is easy to visit your business partners on the mainland for meetings, conferences, or simply a cup of coffee,” he added.

At the panel “Exploring the UAE-HK Economic Partnership”, Hong Kong Financial Secretary Paul Chan Mo-po noted that cross-border collaboration “is getting closer”.

He cited recent reforms such as visa-free access between Hong Kong and the UAE, which he added “helps a lot”.

“I think this is important, more traveling between the two places, not just for business but for understanding each other's culture and enjoying our respective cities,” said Chan.

Mohammad Alhawi, under-secretary of the UAE’s Ministry of Investment, said Hong Kong and the UAE share many similarities.

He also cited the UAE's transformation and policies that helped the country grow, including its strong relationship with Hong Kong, as the UAE is Hong Kong's biggest trading partner in the Middle East.

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“I think in today's world we need to be much more open to the opportunities that you can find elsewhere and diversify your options,” said Alhawi as he pitched to potential investors in the audience.

“For companies, the question to ask is what do you need to see the opportunity? Infrastructure is there. Why don't you just go and try? Yes, there are a lot of companies that come to the UAE, but with all our plans, we need many, many more,” said Alhawi.

Hong Kong Financial Secretary Chan said in terms of having more action, he would like to see “more business-to-business action" and invited contractors to explore the UAE for its infrastructure development.

Contact the writer at jan@chinadailyapac.com