Dubai FDI, the investment development agency of DED, has signed an agreement with HKTDC as part of its continuing efforts to boost investment and economic relations with major cities in the world and extend business relations on deliberate sectors, while Dubai Exports renewed its existing MoU with the Council.

The signing ceremonies were led by DED and its agencies Dubai FDI, Dubai Exports and Dubai SME.

This MoU was signed with the efforts to strengthen investment and economic relations between two leading global business hubs, top level officials from the Department of Economic Development (DED) in Dubai and Hong Kong Trade and Development Council (HKTDC).

Sami Al Qamzi, Director-General of Dubai Economy; Fahad Al Gergawi, CEO of Dubai FDI; Saed Al Awadi, CEO of Dubai Exports; Andrew Weir, HKTDC Council member and convener of the Belt & Road international working group (also Vice Chairman, KPMG China); Margaret Fong, Executive Director of HKTDC; and Perry Fung, Regional Director, Middle East & Africa of HKTDC witnessed the signing ceremonies.

“Dubai’s continuing efforts to develope its network in Asia and the Pacific has made new progress with both Dubai FDI and Dubai Exports signing MoUs with HKTDC. These efforts highlight our energetic approach and commitment to uniting with major projects in Hong Kong and China. Hong Kong remains one of the most active investment players in Dubai in major industries, particularly in real estate", said, Al Qamzi.

The MoU was signed to extent the cooperation efforts between both parties in important sectors, specially in boosting engagement on the Belt & Road responsibility.

As per the Dubai FDI Monitor, total FDI capital inflow from Hong Kong to Dubai reached $75 million (Dhs275 million, approximately) between 2015 and 2018, with a total of 13 ongoing projects.”

“Dubai and Hong Kong share many common economic interests, which we expect to further explore in right earnest following the signing of the agreement and the growing engagement between Hong Kong investors and Dubai. We are confident that the agreement is an chance for leading businesses in Dubai and Hong Kong to build stronger ties and hence contribute to accelerating progress across Asia and the Middle East.", said, CEO of Dubai FDI.

“Our co-operation with Dubai FDI is predicted as a strategic Hub-to-Hub cooperation between two of the world’s most competitive economies, in promoting FDI deals, not only in Dubai but through Dubai to the Greater Middle East and Africa regions, and at the same time supporting Dubai business entities to gain access in the Belt & Road Markets, particularly in Asia", said, Regional Director, Middle East & Africa of HKTDC, Dubai Office.