Standard Chartered has signed a cooperation agreement with Dubai Department of Economy and Tourism to jointly promote business growth and development opportunities between Hong Kong and Dubai.

The agreement was signed by Mary Huen, CEO, Hong Kong, Standard Chartered, and Hadi Badri, CEO, Dubai Economic Development Corporation, Dubai Department of Economy and Tourism.  

According to the agreement, Standard Chartered Hong Kong and the Dubai Department of Economy and Tourism will deepen cooperation on a range of strategic areas between Hong Kong and Dubai.

Goals of the partnership

The cooperation agreement will attempt to develop sustainable financing solutions and promoting the growth of capital market activities, family offices, asset management, fintech and virtual asset industries.

It will also focus on developing solutions to support trade and commodity financing for imports, exports and re-exports and promoting the development of start-ups and new technology-based service providers that make solutions for banking, financial, investment and capital market transactions.

Rola Abu Manneh, Chief Executive Officer, Standard Chartered, UAE, said: “In this era of global connectivity, our partnership with the Dubai Economic Development Corporation marks a significant milestone for us. We are committed to facilitating seamless banking services to organisations and investors within the UAE-Hong Kong corridor. This Memorandum of Understanding not only fosters trade and liquidity but also underscores our dedication to promoting sustainable finance while leveraging our extensive global network to connect businesses and individuals across both sides of the corridor to opportunities worldwide.”

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Hadi Badri, Chief Executive Officer, Dubai Economic Development Corporation, Dubai Department of Economy and Tourism added: “By joining forces with partners like Standard Chartered we aim to create cross-border platforms to accelerate opportunities for trade and innovation exchange across the fastest growing economies in the world. Building on Dubai’s position as a gateway to the wider Middle East, Africa and beyond; the agreement gives companies from across Asia access to a wealth of resources and expertise to reinforce their expansion and growth plans. We look forward to working closely with our partners at Standard Chartered to help their clients and customers set up successful operations in Dubai.”