The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) held their second bilateral meeting in Hong Kong on Friday, December 20, to strengthen cooperation and communication between the financial services sectors of the two countries, UAE media reported.
Publish dateSunday 22 December 2024 - 00:00
According to Amac News: The meeting was attended by Saif Hamid Al Dhaheri, Vice President for Banking Operations and Support Services at CBUAE, and Stanley Chan, Head of the Central Money Markets Unit at the HKMA, and senior officials from both sides, according to the media.
In this regard, an agreement was also signed by Khalid Mohammed Balameh, President of the CBUAE, and Eddie Yu, Chief Executive Officer of the HKMA. Under the agreement, the two institutions agreed to establish a debt capital markets connection and related financial infrastructure between Hong Kong and the UAE to facilitate the issuance and investment activities of cross-border debt securities.
The CBUAE Chairman said that the collaboration aims to unlock the potential of the two markets to issue, trade, invest, settle and manage collateral in a seamless and cost-effective manner.
The initiative will help the UAE become a gateway for exporters and investors in the MENA region, allowing them to effectively access the Chinese and Asian debt markets, while Chinese and Asian exporters and investors can also directly access the MENA debt market through the UAE.
At the first meeting, held in Abu Dhabi in May 2023, the two national institutions discussed a range of topics, including cross-border debt capital market linkages, financial infrastructure development, and investment prospects and opportunities in the Middle East and North Africa (MENA) region and China.
In this regard, an agreement was also signed by Khalid Mohammed Balameh, President of the CBUAE, and Eddie Yu, Chief Executive Officer of the HKMA. Under the agreement, the two institutions agreed to establish a debt capital markets connection and related financial infrastructure between Hong Kong and the UAE to facilitate the issuance and investment activities of cross-border debt securities.
The CBUAE Chairman said that the collaboration aims to unlock the potential of the two markets to issue, trade, invest, settle and manage collateral in a seamless and cost-effective manner.
The initiative will help the UAE become a gateway for exporters and investors in the MENA region, allowing them to effectively access the Chinese and Asian debt markets, while Chinese and Asian exporters and investors can also directly access the MENA debt market through the UAE.
At the first meeting, held in Abu Dhabi in May 2023, the two national institutions discussed a range of topics, including cross-border debt capital market linkages, financial infrastructure development, and investment prospects and opportunities in the Middle East and North Africa (MENA) region and China.
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Source : news agency wam
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