UAE Serves As Crucial Hub For Chinese Company Expansion Into GCC, Africa

In a significant move to bolster economic ties, Joseph Chan, Under-Secretary for Financial Services and the Treasury at the Government of the Hong Kong Special Administrative Region, has underscored the concerted efforts to enhance relations with the UAE. This initiative aims at facilitating the expansion of Chinese companies into the Gulf Cooperation Council (GCC) region and Africa. Speaking to Emirates News Agency (WAM) during his attendance at the Dubai FinTech Summit this week, Chan elaborated on the strategic positioning of major Chinese corporations establishing their international headquarters in Hong Kong to boost their regional and global operations.

Chan highlighted Hong Kong's advanced policies and regulations in Web3 and digital assets as a significant draw for Chinese-owned digital asset companies setting up their headquarters in the city. This move is geared towards achieving a global operational footprint. Furthermore, investors from Hong Kong and China, particularly those in venture capital, family offices, digital assets, and banking sectors, are actively seeking to expand their presence in the UAE. This trend is expected to gain momentum and diversify in the future, buoyed by joint facilitations from various government agencies including the Dubai Department of Economy and Tourism, the Financial Services and the Treasury Bureau of Hong Kong, InvestHK, among others.

During the Belt and Road Summit in Hong Kong last September, a Memorandum of Understanding (MoU) was signed between the Financial Services and the Treasury Bureau of the Government of the Hong Kong Special Administrative Region and the Dubai Department of Economy and Tourism. This MoU is aimed at enhancing economic cooperation in financial services between the two regions. Chan pointed out that there have been regular follow-ups by both institutions since then.

Chan also led a delegation comprising over 30 business leaders from Hong Kong and China to Dubai and Abu Dhabi recently. The visit aimed at showcasing the business opportunities available in both UAE and Hong Kong while deepening cooperation in key financial areas such as wealth management, family offices, financial technology, and digital assets.

This collaboration between Hong Kong and UAE signifies a strategic partnership that not only aims at fostering economic growth but also at creating a conducive environment for businesses to thrive in both regions. With these ongoing efforts, both Hong Kong and UAE are set to witness an accelerated growth in their financial services sectors, thereby strengthening their positions as global financial hubs.

With inputs from WAM