International Finance

Dubai, Hong Kong sign deal to boost Islamic economy in Far East

Hong Kong, Dubai, Dubai Islamic Economy Development Centre, Hong Kong Trade Development Council
The agreement also proposes to recognise best practices in developing Islamic finance and halal trade

Dubai Islamic Economy Development Centre (DIEDC) signed an MoU with Hong Kong Trade Development Council (HKTDC) to identify best practices in stimulating Islamic economy in the Far East. In addition, the partnership will focus on establishing bilateral relations between Dubai and Hong Kong, pointing to new cross-border investment opportunities in both markets.

The agreement hopes to integrate Islamic finance, the halal food industry, and Islamic lifestyle, particularly Islamic arts and culture to build new channels of cooperation.

Under the terms of the agreement,  joint exercises such as organising workshops, research and development, and training courses will be conducted to provide insights into Islamic finance and halal trade. The data collected will serve as important reference points for businesses and investors, according to Abdulla Mohammed Al Awar, CEO of DIEDC.

Abdulla Mohammed Al Awar, CEO of DIEDC, and Raymond Yip, deputy executive director of HKTDC, signed the agreement during an official visit of a senior HKTDC delegation at DIEDC.

“The Islamic economy, as well as the wider economies of the Far East, present promising opportunities that grow in number from one day to the next. The MoU with DIEDC opens doors to leveraging these opportunities for our shared benefit,” Yip said.

The Government of Hong Kong said bilateral trade between the UAE and Hong Kong was $10.9 billion in 2017, with a 2.7 percent increase over the previous year. Between 2015 and 2018, foreign direct investments from Hong Kong to Dubai reached  AED275 million, distributed across 13 projects, Dubai FDI Monitor reported.

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