The HKMA held a luncheon with major financial institutions and enterprises in Dubai, United Arab Emirates (UAE) on 5 May (Dubai time) to promote Hong Kong's advantages as a major international financial centre and strengthen financial co-operation with the UAE.

Led by the Chief Executive of the HKMA, Eddie Yue, the delegation consisted of senior executives from major banks in Hong Kong, including Sun Yu, Chairman of the Hong Kong Association of Banks, Vice Chairman and President of Bank of China (Hong Kong), Eric Liao, Co-Chief Executive of The Hongkong and Shanghai Banking Corporation Limited Asia Pacific, Pi-Cheng Hung, Chief Executive Officer of Standard Chartered Bank Asia, and Paulian Xin, Chief Executive Officer of Citigroup Hong Kong and Macau.

The luncheon was one of the highlights of the three-day UAE visit, attended by about 80 senior representatives from more than 50 local financial institutions and corporations. In his opening remarks, Yue said, "The deep economic ties between the UAE and Hong Kong have laid the foundation for the joint development and improvement of the banking and investment ecosystems of the two places. As we continue to push new initiatives to strengthen our ecosystem and create new opportunities, Hong Kong has a lot to offer."

A panel discussion was arranged during the luncheon to introduce the value of Hong Kong as a major gateway to Chinese mainland, a major offshore RMB centre and an international fintech and green finance hub. The panelists agreed that closer financial cooperation between Hong Kong and the UAE as gateways to Asia and the Middle East and North Africa respectively has great potential.

During his visit to Abu Dhabi and Dubai, Yue also held meetings with institutional investors such as the Dubai Ministry of Economy and Tourism, Abu Dhabi Global Market Financial Services Authority, Dubai Financial Services Authority, technology companies, family offices, sovereign wealth funds and other institutional investors to exchange views on a range of topics to expand financial cooperation.

This follows a bilateral meeting between the HKMA and the UAE Central Bank on May 5 aimed at strengthening cooperation between the two central banking institutions. Summing up the UAE's visit, Mr Eddie said, "The visit laid the foundation for further strengthening bilateral relations between the two places and helped promote Hong Kong's role as a major international financial centre. I am keenly aware of the strong interest and enthusiasm of both the UAE and the private sector in strengthening the broad cooperation across the financial ecosystem. This will facilitate closer connectivity and co-operation between financial institutions between the two places, bringing significant opportunities for cross-border trade and investment. I would like to express my heartfelt thanks to the Central Bank of the United Arab Emirates for its hospitality and the four participating banks in Hong Kong for their support and contributions."

"This visit was fruitful and marked an important step in our bilateral relationship with the UAE. I look forward to continuing to work with the UAE and relevant stakeholders in the financial sector to advance the many cooperation initiatives we agreed upon during our visit."