HKMA and CBUAE deepen financial market co-operation between Hong Kong and UAE
The Hong Kong Monetary Authority (HKMA) and the Central Bank of the
United Arab Emirates (CBUAE) held the second bilateral meeting in Hong
Kong today (20 December), further solidifying co-operation and
connectivity between the financial services sectors of the two
jurisdictions.
Following the first bilateral meeting in Abu
Dhabi in May 2023, the HKMA and the CBUAE have continued engaging in
in-depth discussions covering several major areas, including cross-
border debt capital market connectivity, financial infrastructure
development, and investment outlook and opportunities in both the
Middle East and North Africa (MENA) region and Mainland China.
In this connection, a Memorandum of Understanding (MOU) was
signed today by Mr Eddie Yue, Chief Executive of the HKMA, and H. E.
Khaled Mohamed Balama, Governor of the CBUAE, to strengthen and
formalise the co-operation arrangements. Under the MOU, the two
authorities have agreed to establish connectivity of the debt capital
markets and the related financial market infrastructures between Hong
Kong and the UAE with a view to facilitating cross-border debt
securities issuance and investment activities.
Mr Yue said,
“We are delighted to welcome the CBUAE delegation to Hong Kong.
Today's discussions strengthened the financial collaboration between
the two central banks in several important areas. The MOU, in
particular, will further enhance mutual co-operation and the exchange
of expertise between the HKMA and the CBUAE in debt capital markets,
and reinforce Hong Kong's strategic role as a gateway to both the
Renminbi and international debt markets. There is significant
potential for the financial sectors of both sides to explore new
business opportunities. We look forward to our continued collaboration
with the CBUAE to strengthen investment and financial market
connectivity between the Middle East and Asia. ”
H. E.
Khaled Mohamed Balama said, “I am glad to see encouraging progress
made today between the two central banks in agreeing on the way
forward on debt capital market development and collaboration. We aim
at unlocking the potential of the two debt capital markets to allow
seamless and cost-effective cross-border debt securities issuance,
trading, investment, settlement as well as collateral management. This
initiative will help the UAE become the gateway for issuers and
investors in the MENA region to have efficient access to the China and
Asian debt markets, whilst also, allowing Chinese and Asian issuers
and investors to gain direct access to the MENA debt market through
the UAE. ”
Hong Kong Monetary Authority Central Bank of the
United Arab Emirates 20 December 2024
The Chief Executive of
the Hong Kong Monetary Authority, Mr Eddie Yue (fourth right) and the
Governor of the Central Bank of the United Arab Emirates, H. E. Khaled
Mohamed Balama (fourth left) conduct a bilateral meeting today to
strengthen financial market cooperation between the two jurisdictions.
The Chief Executive of the Hong Kong Monetary Authority, Mr
Eddie Yue (right) and the Governor of the Central Bank of the United
Arab Emirates, H. E. Khaled Mohamed Balama (left) sign a Memorandum of
Understanding today to promote debt capital market collaboration.