Hong Kong Exchanges and Clearing (HKEX) and Nasdaq Dubai have joined the Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) to set up a strategic working group.
The group is specifically aimed at strengthening financial market connectivity between Hong Kong and the Dubai International Financial Centre (DIFC).
Bonnie Y Chan, chief executive of HKEX said: “Global capital flows are increasingly being shaped by the growing economic ties between Asia and the Middle East.
“The strategic working group is an important next step in translating that commitment into action by deepening collaboration, advancing market connectivity, and supporting innovation and sustainable growth.”
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The group’s stated remit covers sustainable finance, Islamic finance, innovation and capital markets development.
Initiatives under discussion include connecting Asian and Middle Eastern investors and issuers, including Sukuk and sustainable finance listings on Nasdaq Dubai’s platform.
Hamed Ali, chief executive of Nasdaq Dubai and Dubai Financial Market, said: “This strategic working group builds on the strong collaboration between Dubai and Hong Kong. We look forward to strengthening this collaboration and enhancing market connectivity between the two regions.”
The four parties said they would hold regular engagement and exchange market perspectives.
The news also follows a similar 2023 partnership between HKEX and Saudi Arabia’s Tadawul Group covering fintech, ESG and cross-listings as Hong Kong looked to diversify beyond mainland Chinese listings and attract capital from Gulf issuers.