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HKMEBC and DMCC signs MoU to strengthen Hong Kong-Middle East business ties

The MoU reflects the strong economic partnership between Hong Kong and the Middle East

Dubai Multi Commodities Centre (DMCC), the premier free zone in Dubai with 23,600 registered companies, partnered with the Hong Kong-Middle East Business Chamber (HKMEBC) to co-host a significant seminar on September 21. Titled ‘Embracing New Business Opportunities: Navigating Hong Kong-Dubai Trade Connections’, the seminar attracted an audience of 500 and explored various aspects of business opportunities in the Middle East, emphasising the fruitful development of trade connections between Hong Kong and the region.

During the event, DMCC and HKMEBC signed a Memorandum of Understanding (MoU), demonstrating their commitment to mutual support for the Belt and Road Initiative’s goals and exploring collaborations between the business and professional communities of both regions. This MoU reflects the strong economic partnership between Hong Kong and the Middle East.

Established by Royal Decree in 2002, DMCC is dedicated to enhancing the flow of commodity trade. It aspires to consolidate Dubai as the preferred global destination for commodity trade and a leading free zone worldwide. Currently, DMCC hosts a total of 23,600 companies across ten sectors, including traditional commodities, technology and communications, energy, finance, media and marketing, professional services, and healthcare.

Ahmed Bin Sulayem, chairman and CEO of DMCC, highlighted the organisation’s accomplishments, stating, “In just two decades, DMCC has transformed Dubai into a global commodities trade hub. With over 23,000 companies spanning various sectors, DMCC is more than a commodities free zone; it fosters a diverse community of over 80,000 employees.”

Sulayem drew parallels between Hong Kong’s connections with neighbouring areas and Dubai’s connections with adjacent regions, highlighting their shared economic priorities and security interests. He added, “Today, DMCC accounts for 11 per cent of all foreign direct investment to Dubai. This is a significant demonstration of the value of free trade between Dubai and the rest of the world.”

Aaron Shum, founding president of the Hong Kong-Middle East Business Chamber, shared his four decades of first-hand experience trading in the Middle East and encouraged chamber members to maximise their Middle East investments. He emphasised that Hong Kong could serve as a gateway for channelling Middle East capital into the Greater Bay Area (GBA), leveraging the recent Belt and Road Initiative’s focus on the Middle East.