HKMA promotes financial collaboration with UAE during three-day visit

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1st June 2023 – (Hong Kong) The Hong Kong Monetary Authority (HKMA) led by Chief Executive, Mr Eddie Yue, recently held a three-day visit to the United Arab Emirates (UAE) to strengthen financial collaboration and promote Hong Kong’s value propositions as a leading international financial centre. One of the highlights of the visit was a luncheon held in Dubai, attended by major financial institutions and corporates from Hong Kong and the UAE.

During the luncheon, Mr Yue highlighted the strong economic ties between the UAE and Hong Kong and emphasised the need for closer financial collaboration. He also showcased Hong Kong’s value propositions as a dominant gateway to mainland China, a leading offshore Renminbi business centre, and an international fintech and green finance hub.

The luncheon featured a panel discussion that highlighted the potential for closer financial collaboration between Hong Kong and the UAE as the respective gateways to Asia and the Middle East and North Africa. The event was attended by around 80 senior representatives from more than 50 major local financial institutions and corporates.

In addition to the luncheon, Mr Yue held meetings with the Dubai Department of Economy and Tourism, Financial Services Regulatory Authority of the Abu Dhabi Global Market, Dubai Financial Services Authority, and institutional investors including sovereign wealth funds. The meetings aimed to exchange views on a host of topics that aim to extend financial collaboration.

The visit followed a bilateral meeting on May 29 between the HKMA and the Central Bankof the United Arab Emirates to enhance collaboration between the two central banking institutions.

Mr Yue expressed his satisfaction with the visit and highlighted the strong interest and commitment of the official and private sectors in strengthening the broad-based partnership across the financial ecosystem. He also expressed his gratitude to the Central Bank of the United Arab Emirates for facilitating the visit and the participating banks from Hong Kong for their support and contribution.

The visit is seen as an important step in furthering the bilateral relationship between Hong Kong and the UAE. Mr Yue looks forward to sustaining the strong momentum by working with his UAE counterparts and stakeholders in the financial sector to take forward the many cooperative initiatives identified during the visit.