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

MoU will facilitate cross-market connectivity, synergy and opportunities in financial services

Dubai’s Department of Economy and Tourism (DET) and the Financial Services and the Treasury Bureau of the Government of Hong Kong, China, signed an 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, 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 Government of the Hong Kong Special Administrative Region.

This agreement reflects the strong commitment of both governments to foster collaboration and knowledge exchange between their respective financial markets. The MoU also signifies their intent to deepen their bilateral relationship and promote mutual growth and development in the financial services sectors of both cities.

The MoU paves the way for a dynamic partnership that will contribute to transforming the family office sectors of the two cities, strengthening connections and driving cross-market opportunities.

Hadi Badri said: “This landmark agreement 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 and 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 further support the growth of the cities' Fintech ecosystems, with joint events organised with relevant agencies, and the development of the virtual asset sector. Another key feature of the MoU is the promotion of knowledge exchange in the critical area of green and sustainable finance. This collaboration will involve sharing best practices and product information, and fostering talent development to drive sustainable financial innovation.

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The MoU also supports the goals of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to consolidate Dubai’s status as one of the world’s top three cities and 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 ambitions to position Dubai as one of the world’s top four global financial capitals, 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 emphasise on leveraging our unique attributes, exploring innovative market prospects, and developing the new economy’s financial sectors.”

This strategic partnership aims to facilitate innovative collaborations between Dubai and Hong Kong, encompassing activities such as skill development programmes, innovation challenges, research collaboration and sustainability initiatives. The MoU enables both parties to harness the expertise of financial regulatory bodies, organisations, 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.