Dubai: Charles Ng, Associate Director-General of Investment Promotion at Invest Hong Kong (InvestHK), highlighted the steady growth in economic ties between Hong Kong and the UAE, driven by shared interests and strategic ambitions. Ng emphasized the UAE as a key economic partner due to its regulatory framework and dynamic business environment, which align well with Hong Kong’s role as a financial hub.

According to Emirates News Agency, Ng reported that bilateral trade between Hong Kong and the GCC reached approximately US$21.6 billion in 2023, with a significant portion attributed to economic exchanges between Hong Kong and the UAE. The UAE serves as a launchpad for companies entering GCC and African markets, with rising interest from UAE investors in Hong Kong’s growth opportunities. InvestHK’s Dubai office provides tailored programmes to facilitate market entry and expansion.

Ng mentioned that financial services are a leading sector of cooperation, alongside momentum in FinTech, advanced manufacturing, logistics, and Islamic finance. UAE banks are increasingly interested in establishing offices in Hong Kong, with both sides cooperating on regulatory frameworks to enhance attractiveness. The financial services sector remains a key focus for UAE investment in Hong Kong.

Hong Kong aims to attract family offices with a 2023 incentive package that includes a Capital Investment Entrant Scheme. Hong Kong’s transparent regulatory environment and financial product offerings have drawn interest from regional investors. Additionally, Hong Kong seeks to attract UAE SMEs in hospitality, halal food, jewellery, and cultural products through tax incentives and investment advisory services.

InvestHK operates an investment promotion unit in Dubai, assisting Emirati investors from planning to business establishment. Ng concluded that UAE-Hong Kong collaboration could unlock new potential in innovation and sustainable growth. Dubai is poised to become a regional industrial base, with Chinese firms viewing it as a strategic entry point to Middle Eastern and African markets.