UAE cities serve as BRI gateway to Middle East, speakers at Hong Kong forum say

Major cities of the United Arab Emirates, Abu Dhabi and Dubai, have played a strategic role in the Gulf country's participation in the Belt and Road Initiative, serving as a gateway to the Middle East, according to speakers at Invest in UAE Forum on Thursday.

Mansoor Al Marar, vice-president of Industrial Business Development in the Khalifa Economic Zones, Abu Dhabi, said at the forum that Abu Dhabi, the capital of UAE, is a gateway to many of the world's fastest growing economies, being one of the centers of trade between Asia, Europe and Africa.

Abu Dhabi is the largest integrated economic zones built by the UAE, and the city has logistic zones that span over 550 square kilometers, Al Marar said. Talking about global connectivity, he said that Abu Dhabi is home to over 1,000 port-to-port connections, advanced air transportation hubs and more than 1,200 km rail network that can cover the GCC in multiple phases.

Shaikh Saoud Al Mualla, the consulate general of the UAE in the Hong Kong Special Administrative Region (HKSAR), said that it is now a very good time to invest in the UAE as this year marks the 40th anniversary of the establishment of diplomatic relations between China and the UAE.

The UAE and Hong Kong have enjoyed longstanding relationships in terms of trade and business, and the UAE has benefited a lot from Hong Kong's continuous investment, Al Mualla added. The event is under the Hong Kong's 2024 Belt and Road Week.

Joseph Chan Ho-lim, under-secretary for Financial Services and the Treasury of the government of HKSAR, noted at the forum that the UAE is one of the fastest growing economies in the world. There is a wealth of opportunities for the UAE and Hong Kong to collaborate, for example on sustainable finance, Chan said.

Apart from Abu Dhabi, the UAE guests at the forum also introduced the glamour of Dubai in attracting investment. Regional Director of Asia from Dubai Chambers Marwan Al Marri said that Hong Kong and Dubai have many things in common, such as world-class infrastructure and a shared commitment to embracing innovation. Always being high on their ambitions, both Dubai and Hong Kong now rank among the world's leading economic hubs, he added.

Talking about the advantages of investing in Dubai, Al Marri said that the city has great tax polices, with the companies investing in Dubai's free trade zones being exempt from the 5 percent import duties or from the corporate tax under certain conditions.

Dubai has been a draw for new talents and high-net-worth individuals. At a virtual media roundtable organized by the Dubai International Financial Centre in collaboration with the Department of Economy and Tourism in Dubai on July 2, Philippe Amarante, managing partner and head of Henley and Partners Middle East, said they projected 6,700 millionaires relocating to the UAE by end of 2024, with the majority of them going to Dubai.

"I think what is important here is that the correlation between inflo and outflow always gives a good economic health index," said Amarante.

Chief Business Development Officer of DIFC Authority, Salmaan Jaffery, said Asian countries, including China and the UAE, are helping shape the business of managing family wealth into a global enterprise as pandemic recovery continues.