The Hong Kong Monetary Authority, the Hong Kong Stock Exchange, the Dubai Monetary Authority and Nasdaq Dubai set up a strategic working group to deepen financial market cooperation between the two regions

The Zhitong Finance App learned that on September 10, the Hong Kong Monetary Authority, the Hong Kong Stock Exchange, the Dubai Monetary Authority and Nasdaq Dubai jointly announced the establishment of a strategic working group to strengthen the financial market ties between Hong Kong and the Dubai International Financial Center. The Strategy Working Group consists of regulators and exchanges at the Hong Kong and Dubai International Financial Center to explore opportunities and cooperative measures in sustainable finance, Islamic finance, innovation, and overall capital market development and connectivity to help the two markets continue to grow and enhance their attractiveness.

The Hong Kong Monetary Authority and the Dubai Monetary Authority announced their cooperation at a joint climate finance conference today. The conference was held in Hong Kong and attracted more than 350 people from both places to participate in person and online.

The Climate Finance Conference is an important step in the partnership between the two HKMA authorities. It is the third time this year, and the second time that HKEx and Nasdaq Dubai have become strategic partners of the conference.

The establishment of the Strategy Working Group reflects the continued progress of regulatory and market dialogue between the two places. It also provides a formal framework for cooperation between the two places to deepen cooperation and coordinate work priorities and promote practical results.

This initiative also reflects the efforts of regulators and exchanges in the two regions to deepen cross-institutional partnerships and further develop the economic corridor between the Middle East and Asia. Participating organizations will exchange market trends, discuss new opportunities and challenges, and explore future areas of cooperation through continuous communication and systematic collaboration.

Yu Weiwen, Chief Executive of the Hong Kong Monetary Authority, said that the Strategy Working Group marks another important step to continue deepening inter-agency cooperation and market connectivity between the two places. By establishing this cooperation mechanism, we will build an exclusive platform for exchanges between the two places, so that the two sides can more effectively understand and coordinate strategic priorities, and discuss new measures to facilitate smooth trade and investment between Asia and the Middle East.

Dubai Monetary Authority President Shi Weimin said: This initiative reflects cooperation, knowledge sharing, and the exploration of more mutually beneficial and win-win opportunities in the “Dubai-Hong Kong Corridor”. Cross-market connectivity is beneficial to the development of the two markets and provides investors in the two financial centers with more choices and better returns.

HKEx Group Chief Executive Chen Yiting said that economic and trade exchanges between Asia and the Middle East are getting closer and are reshaping global capital flows. Both Hong Kong and Dubai are leading international financial centers in their respective regions. They can complement each other's strengths and promote the two-way flow of capital, ideas and opportunities between the two regions. HKEx is committed to promoting financial ties between the two places, including continuing to expand its commodities business in Dubai and strengthening cooperation with various exchanges in the United Arab Emirates (UAE). I am excited to participate in the establishment of the Strategy Working Group to strengthen cooperation, promote market connectivity, and support innovation and sustainability.

Hamed Ali, CEO of NASDAQ Dubai and Dubai Financial Markets, said: This strategy working group is based on a solid foundation of cooperation between Dubai and Hong Kong. As a leading international hub for the listing of fixed income and Islamic financial products, Nasdaq Dubai provides a solid platform for connecting issuers and investors in the Middle East and Asia, particularly in the field of Islamic bonds and sustainable finance. We look forward to deepening cooperation between the two places and strengthening interconnectivity between markets.