UAE a gateway for Chinese companies to expand into GCC, African markets: Under-Secretary for Financial Services and Treasury in Hong Kong

Joseph Chan, Under-Secretary for Financial Services and the Treasury at the Government of the Hong Kong Special Administrative Region, highlighted the ongoing efforts to strengthen relations with the UAE, to help pave the way for the expansion of Chinese companies into the markets of the Gulf Cooperation Council (GCC) region and Africa.

In an interview with Emirates News Agency (WAM) on the sidelines of his participation in the Dubai FinTech Summit held this week, Chan said that major Chinese companies are establishing their international headquarters in Hong Kong to enhance their regional and international operations.

He also pointed out that with advanced policies and regulations covering Web3 and digital assets, many Chinese-owned digital asset companies have established their headquarters in Hong Kong with the aim of expanding globally.

He added that some investors from Hong Kong and China working in the sectors of venture capital, family offices, digital assets, and banks are currently seeking to strengthen their presence in the UAE, with expectations that these trends will accelerate and diversify in the future, especially in light of the joint facilitations provided by the Dubai Department of Economy and Tourism, the Financial Services and the Treasury Bureau of Hong Kong, InvestHK, and other government agencies.

Chan noted that the Financial Services and the Treasury Bureau of the Government of the Hong Kong Special Administrative Region signed a Memorandum of Understanding (MoU) with the Dubai Department of Economy and Tourism during the Belt and Road Summit in Hong Kong last September, to enhance their economic cooperation in financial services, pointing out that since then, there has been regular follow-ups by both institutions.

Chan stressed that he led a delegation of over 30 business leaders from Hong Kong and China to Dubai and Abu Dhabi over the past few days to highlight the business opportunities available in the UAE and Hong Kong and deepen their cooperation in key financial areas, including wealth management, family offices, financial technology, and digital assets.