Hadi Badri, Executive Director of Dubai Economy and Tourism, revealed in an exclusive interview recently that China has become the largest trading partner of the UAE, and Hong Kong is also an important trading partner. Badri believes that the close relationship between the two sides makes the UAE a gateway for China to enter the Middle East market.
Badri pointed out that the two sides can cooperate in areas such as trade, investment, digital transformation, and financial services.
In addition, he revealed that Dubai is currently discussing cooperation with Hong Kong in the field of virtual assets, including a passport licensing scheme. He believes that Hong Kong’s positive attitude towards virtual asset regulation is constructive, but did not disclose the timetable for the progress of cooperation.
With China’s growing economic influence in the Middle East, Dubai is looking to deepen its relationship with the world’s second-largest economy.
In recent years, Dubai has vigorously developed into a global financial and commercial center, and its unique geographical location makes it an ideal destination for Chinese companies to enter the Middle East.
In addition, Hong Kong’s well-established financial system and regulatory framework make it a global financial center and a gateway for international investors to enter the vast Chinese market.
The cooperation between Dubai and Hong Kong in the field of virtual assets will undoubtedly bring new business opportunities and promote the development of the global digital economy.
The passport licensing scheme referred to by Badri is a key initiative proposed by the Financial Action Task Force (FATF) to regulate virtual asset service providers.
It aims to provide a unified standard for global virtual asset supervision, facilitate the cross-border transfer of virtual assets, and promote the healthy and sustainable development of the virtual asset industry.