Dr. Habib Al Mulla, Chairman of the Dubai Financial Services Authority, received a delegation of top trade officials from Hong Kong recently. The Hong Kong Services Mission to the Middle East was led by The Hon. Fredrick Ma Si-Hing, JP, Secretary for Financial Services and the Treasury Bureau Hong Kong Special Administrative Region, and Mr. Fred Lam, Executive Director of the Hong Kong Trade Development Council.
Dr. Habib Al Mulla said: “The meeting was a valuable opportunity to discuss the role and significance of the Dubai Financial Services Authority within the Dubai International Financial Centre, and explore areas of mutual interest. Trade between Dubai and Hong Kong is approaching US$1 billion a year, and the growing relationship between these two world-class cities has a major bearing on the financial sector.”
He added: “With its commitment to peerless financial regulation practice, the Dubai Financial Services Authority is reassuring overseas investors who see Dubai as a gateway to Middle East business success.”
The Hong Kong trade mission which visited the DFSA included seven senior representatives of the city’s influencial financial sector: Mr. Henry Chan, Managing Director of Sanfull Securities Ltd; Mr. Vincent Chan, Chairman, HK Venture Capital and Private Equity Association, and Managing Director, North Asia, JAFCO investment Ltd; Mr. Paul Chow, Chief Executive, Hong Kong Exchanges and Clearing Ltd; Mr. S.C Mak, Vice President, Walden International Hong Kong Ltd; Mr Franco Ngan, Chief Executive Officer, Value Partners Group; Mr. Peter Wong, Group Managing Director, Tai Fook Securities Group; and Ms. Kerry Ching, CEO, Invesco Hong Kong Ltd, and Member of the Hong Kong Investment Funds Association.
The Hong Kong Trade Development Council (HKTDC) is Hong Kong’s official trade body. It is the global marketing arm and public service hub for Hong Kong-based manufacturers, traders and service exporters. Its activities are geared to small and medium-size enterprises, which are the chief drivers of Hong Kong’s trade.
The Hong Kong Trade Development council recently declared that the Middle East is its number one priority in emerging markets.
The Hong Kong in Style exhibition in Dubai last November welcomed 230 companies representing consumer electronics, hotel supplies, fashion and lifestyle goods.
The Dubai Financial Services Authority (DFSA) is a central component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
The DFSA is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modeled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
