UAE’s largest free-trade zone and Hong Kong business group sign deal on logistical support, sharing of knowledge
- Dubai Multi Commodities Centre and Hong Kong-Middle East Business Chamber sign memorandum of understanding amid efforts to bolster locations’ commercial ties
- ‘Dubai offers immense potential that could be leveraged … and is a top gateway to the Gulf Cooperation Council, the Middle East and Africa,’ CEO of trade zone says
The United Arab Emirates’ (UAE) largest free-trade zone has signed a memorandum of understanding with a Hong Kong business chamber to foster greater commercial ties between the city and the Middle East.
The agreement between the Dubai Multi Commodities Centre (DMCC) and Hong Kong-Middle East Business Chamber was reached on Thursday after both parties in July proposed a deal bolstering exchanges of expertise and best market practices, the transfer of knowledge, and the provision of trade and logistical support.
“The agreement will pave the way for consistent growth and business entry,” Ahmed Bin Sulayem, CEO and executive chairman at DMCC, said at a seminar just before the deal was signed. “Dubai offers immense potential that could be leveraged … and is a top gateway to the Gulf Cooperation Council, the Middle East and Africa.”
The council is a political and economic alliance comprising the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.
Thursday’s deal was struck as Hong Kong continues to court the region as a potential source of capital amid geopolitical tensions between Beijing and the United States.
The DMCC is the UAE’s largest free-trade zone and was created in 2002. It is currently home to about 23,000 companies, 800 of which are from China.
The government entity accounted for 11 per cent of foreign investment flowing into Dubai, Sulayem said. He added that the number of companies setting up shop in the zone had risen from 2,200 in 2020 to 2,485 in 2021, and reached 3,049 last year.