Hong Kong signs agreement with Qatar to enhance connectivity between financial hubs in latest Middle East outreach

Hong Kong is expanding its market outreach in the Middle East by linking up with the investment authority in oil-rich Qatar, paving the way for future cooperation and strategic alliances between the two financial hubs.

The Financial Services Development Council (FSDC) and the Qatar Financial Centre Authority, signed a memorandum of understanding (MOU) to formalise their relationship. Both parties agreed to share best practices, facilitate training and exchange programmes, and enhance connectivity in the sector, among other things.

“We are pleased to formalise a partnership with FSDC, which marks an important milestone in our efforts to strengthen ties between Hong Kong and Qatar’s financial sectors,” Yousuf Mohamed Al-Jaida, CEO of Qatar Financial Centre, said in a statement after the MOU was signed in Doha on Monday. The agreement can foster greater innovation and growth in both markets, he added.

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The size of Qatar’s economy was about US$236.6 billion in 2022, about two-thirds of Hong Kong’s gross domestic product (GDP) in the same year. Oil revenue made up 37 per cent of its GDP, while financial services and construction contributed about 12 per cent each.

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The effort underlines Hong Kong’s latest attempt to bolster relations with counterparts in the Persian Gulf States, switching its focus as economic and business ties with the West deteriorate amid political differences stemming from issues including national security and civil liberties.

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Гонконг Экономика и Бизнес

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