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Dubai / WAM
Dubai Islamic Economy Development Centre (DIEDC), announced that it signed a Memorandum of Understanding (MoU) with the Hong Kong Trade Development Council (HKTDC), to exchange knowledge, experience, and best practices in Islamic economy, as well as boost bilateral relations between Dubai and Hong Kong.
Abdulla Mohammed Al Awar, DIEDC CEO, and Raymond Yip, Deputy Executive Director of HKTDC, signed the agreement as part of an official visit to the centre by the council’s delegation.
The MoU aims to create new channels of cooperation in the Islamic economy ecosystem with a focus on Islamic finance, halal food industry, and Islamic lifestyle, particularly Islamic arts and culture. It includes organising workshops and training courses, and conducting joint research and development that can serve as the cornerstone of a knowledge repository on Islamic finance and the halal industry. In addition, the two entities will support companies in their respective jurisdictions that seek to expand to the other market through facilitating
networking opportunities.
Speaking on the occasion, Al Awar said, “Through the MoU, the Centre and its key stakeholders aspire to maximise the potential of Islamic economy sectors, particularly Islamic finance, halal industry, and Islamic lifestyle, and contribute to increasing the number of businesses from the Far East that tap into these sectors.”
He added, “We aim to establish a productive partnership with HKTDC to boost halal trade and Islamic finance. In addition, we plan to develop joint research reports that will provide key insights into the Islamic economy sectors as well as useful reference points for investors and businesspeople.”
For his part, Raymond Yip said, “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.”
According to the Government of Hong Kong, bilateral trade between the UAE and Hong Kong reached $10.87 billion in 2017, marking an increase of 2.7 percent on $10.59 billion in 2016.
Growth is expected to continue into the coming years due to significant cross-sector investment prospects in each market.
According to the Dubai FDI Monitor, total foreign direct investment from Hong Kong to Dubai between 2015 and 2018 reached AED275 million distributed across 13 projects.