The Hong Kong Monetary Authority (HKMA) stated on the 1st that it will hold a luncheon with major financial institutions and enterprises in Dubai, United Arab Emirates (UAE) on May 31, Dubai time, to promote Hong Kong's advantages as a major international financial center and strengthen financial cooperation with the UAE. It is understood that the luncheon will be one of the key activities of the three-day visit to the United Arab Emirates, attended by about 80 senior representatives from over 50 local financial institutions and enterprises. The President of the Monetary Authority, Yu Weiwen, who led the delegation to the UAE, also led several senior officials from major banks in Hong Kong to attend. Yu Weiwen stated in his speech that the deep economic ties between the United Arab Emirates and Hong Kong create conditions and lay a solid foundation for common development and improvement of the banking and investment ecosystems of the two regions; As both sides continue to advance new plans to consolidate the ecosystem and create new opportunities, Hong Kong is sure to make a significant contribution. During the luncheon, a special discussion was arranged to introduce the value of Hong Kong as a major gateway to the mainland of China, a major offshore RMB center, and an international financial technology and green finance hub. The keynote speakers of the thematic discussion all believed that Hong Kong and the United Arab Emirates serve as gateways to Asia, the Middle East, and North Africa, respectively, and that establishing closer financial cooperation between the two can unleash enormous potential. In addition, during his visit to Abu Dhabi and Dubai, Yu Weiwen also held meetings with institutional investors such as the Dubai Ministry of Economy and Tourism, the Abu Dhabi Global Market Financial Services Regulatory Authority, the Dubai Financial Services Authority, technology companies, family offices, sovereign wealth funds, etc. to exchange views on a series of issues related to expanding financial cooperation. Prior to this, the Monetary Authority and the Central Bank of the United Arab Emirates held a bilateral meeting on May 29th, aimed at strengthening cooperation between the two central bank institutions. When summarizing the visit of the United Arab Emirates, Yu Weiwen pointed out that this visit lays a solid foundation for further strengthening bilateral relations between the two regions and helps promote Hong Kong's role as a major international financial center. He expressed that he felt the strong interest and enthusiasm of both the official and private sectors of the United Arab Emirates in strengthening the extensive cooperation of the entire financial ecosystem, and believed that it would help promote closer connectivity in financial infrastructure and cooperation between financial institutions between the two regions, bringing significant opportunities for cross-border trade and investment. Yu Weiwen pointed out that this trip has yielded fruitful results, marking an important step in the bilateral relationship between Hong Kong and the United Arab Emirates. He looks forward to continuing cooperation with relevant stakeholders in the UAE and the financial sector, and advancing multiple cooperation plans agreed upon during the visit. (New News Agency)
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