News

UAE and Hong Kong strike investment agreement

Signing_dealThe UAE’s Ministry of Finance (MoF) has forged an agreement with its counterpart in Hong Kong to provide mutual promotion and protection for investments. It was signed by under-secretary of the MoF, Younis Al Khoori, and Hong Kong’s under-secretary for commerce and economic development Bernard Chan. Al Khoori hailed the deal as a means to attract more foreign investment and make the UAE more competitive. "The signing of the Investment Promotion and Protection Agreement between the UAE and Hong Kong creates a conducive investment environment that provides guaranteed growth, expansion and protection of investments,” he said. The arrangement with Hong Kong comes in the same week that the UAE’s minister of state for financial affairs met with the Luxembourg minister of finance to discuss greater economic cooperation between the two countries. Of particular interest was the prospect of greater ties on Islamic banking between the two with the UAE aiming to become the international capital for Islamic finance and Luxembourg looking to bolster its standing as a global centre for sukuk issuance. ©2019 funds global mena

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