The United Arab Emirates’ (UAE) largest free commerce zone has signed a Memorandum of Understanding with a Hong Kong enterprise chamber to advertise larger business ties between the town and the Center East.
The settlement between the Dubai Multi Commodities Heart (DMCC) and the Hong Kong-Center East Enterprise Chamber was reached on Thursday after each side proposed a deal in July that may facilitate the trade of experience and greatest market practices, the switch of data and the availability of commerce would strengthen. and logistical help.
“The settlement will pave the best way for constant development and enterprise entry,” Ahmed Bin Sulayem, CEO and govt chairman of DMCC, mentioned at a seminar simply earlier than the deal was signed. “Dubai presents monumental potential that may be exploited… and is a crucial gateway to the Gulf, Center East and Africa Cooperation Council.”
The council is a political and financial alliance consisting of the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.
Thursday’s deal got here as Hong Kong continues to criticize the area as a possible supply of capital amid geopolitical tensions between Beijing and the US.
The DMCC is the UAE’s largest free commerce zone and was established in 2002. At present there are roughly 23,000 corporations, of which 800 are from China.
The federal government company accounted for 11 p.c of overseas funding flowing into Dubai, Sulayem mentioned. He added that the variety of corporations organising within the zone had elevated from 2,200 in 2020 to 2,485 in 2021, reaching 3,049 final 12 months.
Mandarin studying is booming as China expands its smooth energy within the Center East
Mandarin studying is booming as China expands its smooth energy within the Center East
The settlement was signed through the seminar ‘Embracing New Enterprise Alternatives Navigating Hong Kong-Dubai Commerce Connections’. Each signatories declined to reveal additional particulars of the deal.
Aaron Shum Wan-lung, founder and chairman of the Hong Kong-Center East Enterprise Chamber, mentioned the group hoped to function a bridge between the area and the town, in addition to the Better Bay Space.
The Bay Space refers to Beijing’s initiative to combine Hong Kong, Macau and 9 cities in mainland China into an financial powerhouse.
“With the partnership we’ve cast in DMCC, we’ve expanded our targets to carry funding from Hong Kong to the area by way of this prestigious group,” mentioned Shum, who at the moment runs a sequence of 30 jewellery shops within the Center East.
Shum helped set up the chamber in July, which counts about 200 corporations from numerous industries in Hong Kong as members.
The Dubai-Hong Kong hall to advertise household places of work, fintech and inexperienced finance
The Dubai-Hong Kong hall to advertise household places of work, fintech and inexperienced finance
Talking about Hong Kong’s push to draw extra corporations to the town, Undersecretary for Commerce and Financial Growth Bernard Chan Pak-li mentioned authorities believed that bringing in corporations with excessive development potential from strategic areas was one of many “most essential priorities”.
The federal government has arrange 14 abroad places of work, together with one in Dubai, and not too long ago established the Workplace for Attracting Strategic Enterprises to create alternatives to strengthen enterprise ties.
Final week, Dubai’s Ministry of Financial system and Tourism, Hong Kong Monetary Providers and the Treasury Bureau signed an settlement to determine an financial hall to advertise cross-border commerce, household places of work, fintech and inexperienced finance.
Dubai is residence to roughly 30 free commerce zones that fall exterior the UAE Federal Business Firms Legislation. The places have their very own regulatory jurisdictions and supply advantages similar to 100% overseas possession and nil tax.
