Financial regulators and exchanges in the Hong Kong Special Administrative Region and Dubai on Thursday announced the establishment of a working group, with the goal of enhancing ties between the two cities and exploring collaborative opportunities for long-term growth and broader market connectivity.
The initiative was announced during a climate finance conference in Hong Kong, co-hosted by the Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA). This event, which attracted more than 350 participants, was part of this year’s Hong Kong Green Week.
HKMA Chief Executive Eddie Yue Wai-man said the newly formed group is another significant step in strengthening institutional ties and market connectivity between Hong Kong and the United Arab Emirates city.
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“By developing this collaboration mechanism, we are establishing a dedicated platform to better understand and align strategic priorities, as well as exploring new initiatives to facilitate smoother trade and investment between Asia and the Middle East," Yue said.
Mark Steward, DFSA’s chief executive, said the latest development underscores the two sides’ shared commitment to cooperate, and will help discover greater mutual benefits within the Dubai-Hong Kong corridor.
Apart from the HKMA and DFSA, the working group also includes bourses in Hong Kong and Dubai — the Hong Kong Exchanges and Clearing Limited (HKEX), and Nasdaq Dubai. It will provide a formal framework for Hong Kong and the Dubai International Financial Centre to deepen cooperation, developing initiatives across areas such as sustainable finance, Islamic finance, innovation, and broader capital market development and connectivity.
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HKEX Chief Executive Officer Bonnie Chan Yi-ting said the leading international financial centers in their respective regions have complementary strengths that can help smooth the two-way flow of capital, ideas and opportunities between Asia and the Middle East.
“HKEX’s growing commodities presence in Dubai, together with our engagement with exchanges across the UAE, reflects our long-term commitment to this dynamic Dubai-Hong Kong corridor,” she said.
Chan added that the group’s appointment will be a key step in putting that pledge into action by deepening collaboration, advancing market connectivity and supporting innovation and sustainable growth.
Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, said the exchange can provide a solid platform to connect issuers and investors across the Middle East and Asia, particularly in sukuk and sustainable finance. He added that the exchange looks forward to strengthening this collaboration and enhancing market connectivity between the two regions.
Contact the writer at gabylin@chinadailyhk.com
