DUBAI, (Pakistan Point News - 09th Feb, 2023) Dubai Chambers announced the establishment of its new international office in Hong Kong which marks a significant step in strengthening economic and business 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 John Lee, the city's Chief Executive, and several UAE government and business leaders including Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, Sultan Bin Sulayem, Chairman of Dubai International Chamber, Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai Chambers and Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers.
The office aims to promote trade from Hong Kong to Dubai and attract more Hong Kong businesses to the emirate while expanding Dubai's presence in the Asia Pacific region.
The office will collaborate with the Hong Kong Trade Development Council and other government and private sector entities to take advantage of the growth opportunities in both economies.
The new office aligns 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, which aims to establish 50 representative offices for Dubai in five continents by 2030. The initiative is aimed at attracting foreign MNCs, SMEs, investors, and international talent to Dubai by showcasing the emirate's competitive advantages and engaging with overseas stakeholders.
The MoU signed between Dubai Chambers and the Hong Kong Trade Development Council demonstrates the commitment of both organisations to support and advance mutual goals, including the development of trade relationships and business opportunities between Dubai and Hong Kong.
Overall, the new international office in Hong Kong and the MoU signed with the Hong Kong Trade Development Council are significant steps in furthering the economic and business ties between Dubai and Hong Kong, and promoting growth and development in both economies.
Commenting on the new Hong Kong Office and the MoU, Al Ghurair said," 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."
As the largest trading partner for Hong Kong in the middle East, the UAE has seen significant growth in non-oil trade with Hong Kong. The non-oil trade between the UAE and Hong Kong reached AED 22.2 billion in the first half of 2022, a 16.2% increase compared to the same period in 2021. Similarly, non-oil trade between Dubai and Hong Kong reached AED 37.2 billion in 2021.
The main products traded between Dubai and Hong Kong include precious stones and electronics, with other areas of potential trade including apparel and clothing accessories, fresh fruits, pharmaceuticals, nickel, rubber, and aircraft parts.