Dubai and Hong Kong trade and investment networks forge stronger ties in latest agreements

Dubai, 12 March 2019: In line with the efforts to intensify investment and economic relations between two leading global business hubs, top-level officials from the Department of Economic Development (DED) in Dubai and Hong Kong Trade and Development Council (HKTDC) have signed new agreements during a strategic meeting, which was held recently in Dubai. The signing ceremonies were followed by a roundtable discussion led by DED and its agencies Dubai FDI, Dubai Exports and Dubai SME.

Dubai FDI, the investment development agency of DED, has signed a Memorandum of Understanding (MoU) with HKTDC as part of its continuing efforts to boost investment and economic relations with major cities in the world and increase business relations on strategic sectors, while Dubai Exports renewed its existing MoU with the Council.

His Excellency Sami Al Qamzi, Director General of Dubai Economy; Fahad Al Gergawi, CEO of Dubai FDI; Engineer Saed Al Awadi, CEO of Dubai Exports; Mr. Andrew Weir, HKTDC Council member and convener of the Belt & Road international working group (also Vice Chairman, KPMG China); Ms. Margaret Fong, Executive Director of HKTDC; and Mr. Perry Fung, Regional Director, Middle East & Africa of HKTDC witnessed the signing ceremonies.

Al Qamzi said: Dubais continuing efforts to expand its network in Asia and the Pacific has made new progress with both Dubai FDI and Dubai Exports signing MoUs with HKTDC. These efforts reflect our proactive approach and commitment to collaborating with major projects in Hong Kong and China. Hong Kong remains one of the most active investment players in Dubai in major industries, particularly in real estate. According to the Dubai FDI Monitor, total FDI capital inflow from Hong Kong to Dubai reached US$ 75 million (AED 275 million, approximately) between 2015 and 2018, with a total of 13 ongoing projects.