Dubai's Department of Economy and Tourism (DET) and the Financial Services and Treasury Bureau of the Government of Hong Kong, China, inked an MoU to promote financial cooperation between the two cities. Hadi Badri, CEO of the Dubai Economic Development Corporation, Dubai Department of Economy and Tourism, and Joseph Chan, Under Secretary for Financial Services and the Treasury of the Government of the Hong Kong Special Administrative Region, signed the MoU at the Belt and Road Summit in Hong Kong.
The MoU paves the way for a dynamic partnership that will contribute to transforming the family office sectors of the two cities, strengthening connections and driving cross-market opportunities, as per gulf news.
Hadi Badri said: “This landmark agreement is aligned with the financial services priorities of both cities’ governments, and sets the stage for enhanced economic knowledge exchange and collaboration between a range of stakeholders. We are steadfast in our commitment to fostering family office hubs and cultivating enhanced collaboration across capital markets, fintech and virtual assets between the two cities.”
A spokesperson for the Government of the Hong Kong Special Administrative Region said: “The MoU reaffirms the commitment of the Hong Kong Special Administrative Region and Dubai on strengthening the broader relationship and cooperation between the two places, and facilitates the mutual sustainable development of the financial services industries. Furthermore, the MoU will help facilitate policy communication, knowledge exchange and identification of cooperation opportunities in the key areas of financial services industry between the two places, including but not limited to family offices, fintech, virtual asset, green and sustainable finance, etc.”