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Hong Kong and the UAE are entering a new phase of economic cooperation
As an international financial centre, Hong Kong has seen banks, asset managers and family offices establish or expand operations in the UAE, deepening two‑way financial and professional services ties
- PUBLISHED: Tue 5 May 2026, 9:15 PM
Hong Kong and the UAE are entering a new phase of economic cooperation, driven by trade growth, shared diversification goals and expanding people-to-people links, according to Simon Chan, Director‑General of the Hong Kong Economic and Trade Office in Dubai.
The bilateral relationship has strengthened significantly in recent years, with trade figures reflecting growing momentum, Chan told Khaleej Times during a visit to the media house’s office in Dubai. Hong Kong is now the UAE’s seventh‑largest trading partner globally, while the UAE is Hong Kong’s biggest trading partner in the Middle East.
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“Over the past five years, from 2021 to 2025, annual trade growth between Hong Kong and the UAE has averaged about eight per cent,” Chan said. “The total volume is around $17.5 billion, which is very impressive.”
Key trade flows include precious metals, non‑ferrous metals and jewellery, but Chan stressed that the relationship now extends well beyond merchandise. As an international financial centre, Hong Kong has seen banks, asset managers and family offices establish or expand operations in the UAE, deepening two‑way financial and professional services ties.
Chan credited high-level political engagement for accelerating cooperation. Hong Kong Chief Executive John Lee visited the UAE in 2023 with a large business delegation, resulting in multiple memoranda of understanding and heightened interest among Hong Kong companies.
“The UAE offers significant potential, from free zones to investment incentives and business facilitation,” Chan said. “These are very important considerations for companies looking to expand into the region.”
Education and talent development are also becoming pillars of cooperation. Chan noted that Hong Kong devotes roughly one-fifth of its annual government spending to education and is actively promoting international student mobility and university partnerships.
“Productivity today depends on knowledge and collaboration,” he said. “We welcome students and young professionals from around the world, including this region.”
Both economies are pursuing diversification beyond traditional strengths. While Hong Kong remains a global financial hub — recently ranking as the world’s top IPO centre — Chan emphasised a push into innovation, science parks and high‑tech industries. He said this aligns closely with the UAE’s non‑oil economic vision.
“We share the same thinking: planning for the future means developing new industries, green energy and sustainable solutions,” Chan said, pointing to the UAE’s emphasis on renewables and long‑term planning.
Chan described the UAE as a gateway not only to the Middle East and Africa, but also as a natural partner in Hong Kong’s global connectivity strategy. At the same time, he positioned Hong Kong as a bridge for UAE businesses into mainland China and the wider Greater Bay Area, a $2 trillion economic bloc of 11 cities.
“Hong Kong has a unique role under the ‘one country, two systems’ framework,” he said. “Companies can use Hong Kong as a platform to enter mainland China while benefiting from our separate legal, financial and trade systems.”
Challenges remain, particularly in people‑to‑people understanding, professional connectivity and business culture. Chan said Hong Kong is working actively to address these gaps through initiatives such as “Go Global”, which links Hong Kong, mainland Chinese and overseas firms in joint overseas projects.
Chan confirmed that Hong Kong is open to further trade agreements with the UAE, building on existing investment protection and double taxation agreements. “We are flexible,” he said. “Whether bilaterally or through a wider GCC framework, our goal is to create more certainty and opportunity for businesses on both sides.”
Associate Editor Somshankar Bandyopadhyay brings more than three decades of experience to the KT newsroom. Currently, he manages the news production of the business section, ensuring that the top economic and business news of the day reaches its readers.