Dubai Chambers announced the establishment of its new international office in Hong Kong, to drive mutual economic and business growth and enhance trade ties between Dubai and Hong Kong.
The announcement was made on the sidelines of the UAE-Hong Kong Business Forum, which took place yesterday in Dubai with attendance of a high-level delegation from Hong Kong, led by Honourable John Lee, the city’s Chief Executive, and several UAE government and business leaders including H.E. Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, H.E. Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, H.E. Sultan Bin Sulayem, Chairman of Dubai International Chamber, H.E. Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers and Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers.
The office will promote trade from Hong Kong to Dubai and attract more Hong Kong businesses to the emirate while also expanding Dubai’s Asia Pacific presence. It will collaborate with Hong Kong Trade Development Council (HKTDC) and other government and private sector entities to leverage the exciting growth of Dubai and Hong Kong economies.
The new office comes in line with the ‘Dubai Global’ initiative launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council to establish 50 representative offices for Dubai in five continents by 2030. Dubai Global, led by Dubai International Chamber, aims to attract foreign MNCs, SMEs, investors, and international talent to Dubai by showcasing the emirate’s competitive advantages, sharing investment intelligence, and engaging with overseas stakeholders.
Emphasizing the significant potential to further collaborate and expand Dubai-Hong Kong partnerships, Dubai Chambers signed an MoU with the Hong Kong Trade Development Council (HKTDC) to collaborate for the support and advancement of mutual goals, including fostering a positive economic environment and developing trade relationships and business opportunities between Dubai and Hong Kong.
Commenting on the new Hong Kong Office and the MoU, H.E. Al Ghurair said: “Dubai and Hong Kong have longstanding relations spanning decades. This MoU strengthens the existing relationship and will boost trade and investment between our two economies. I look forward to seeing continued collaboration with our Hong Kong counterparts, especially with the presence of our new international office in Hong Kong. I am sure the relationship between our countries will continue to thrive and prosper in the years to come.”
The MoU enables both parties to gain support and assistance from each other in organizing seminars and outreach activities, trade and investment missions, as well as commercial visits. Through the MoU, both Dubai Chambers and HKTDC agree to provide mutual assistance on trade enquiries, business matching or networking activities as well as to strengthen co-operation and provide information on opportunities for industry sectors of mutual interests.
The UAE is the largest trading partner for Hong Kong in the Middle East. Non-oil trade between the UAE and Hong Kong reached AED22.2 billion in the first half of 2022, registering a growth of 16.2% compared to the same period in 2021, while non-oil trade between Dubai and Hong Kong reached AED37.2 billion in 2021.
With precious stones and electronics making the bulk of trade products between Dubai and Hong Kong, other high potential areas for trade are apparel and clothing accessories, fresh fruits, pharmaceuticals, nickel, rubber and aircraft parts.
