Dubai – Hong Kong Trade News

Dubai – Hong Kong Trade News

As part of its mandate to facilitate trade from Dubai and create an enabling environment for Dubai’s exporters, Dubai Exports, the export promotion agency of Dubai Economy, has expanded its network with the opening of a new overseas trade office, OTO, in Hong Kong.

The Hong Kong office, the 7th in its growing international network for Dubai exports, will open up new channels for local companies to connect to the Far East where growing demand for competitive products and services have created a diversity of opportunities.

“The new office is a significant value addition to the exports trade and an ideal opportunity to sustain the growth of our local companies in international markets, particularly those in East Asia, which are witnessing continued growth and diversification,” said Sami Al Qamzi, Director General of Dubai Economy.

“These overseas trade offices represent a competitive service destination for promoting productive linkages. They are a valuable platform for UAE companies to benefit from unique trade promotion expertise as well as periodic studies on business landscape and opportunities in their host countries and neighbouring markets,” he added.

“Total non-oil trade in Dubai reached AED327 billion in the first quarter of 2017, representing an increase of 2.7 percent over the same period last year,” said Engineer Saeed Al Awadi, CEO, Dubai Exports. “The Asian region remained the top non-oil trade partners for Dubai in the first quarter of 2017 and that reaffirms Hong Kong as a strategic growth opportunity for us in Asia.”

“The growth seen in exports from Dubai has inspired local companies to seek new opportunities abroad,” commented Al Awadhi. “Through the overseas offices, Dubai Exports assists local companies on the critical aspects of penetrating foreign markets, starting with good preparation as well as knowledge of the business landscape and export opportunities in the medium term.”

Speaking at the launch, Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said, “Both Hong Kong and Dubai are at the crossroads of world trade and we share a common history as capitals of commerce, with well-developed logistics infrastructure that has enabled the growth of our economies over the years. We are proud to be playing a significant role in trade between the two cities through our flagship operations in Jebel Ali Port and our operations in the Port of Hong Kong building on firm partnerships already exist especially through Jebel Ali Freezone in Dubai which is home to 32 Hong Kong companies and saw trade worth US$339.7 million with Hong Kong in 2016. In addition, DP World and our partners are investing $1.9 billion in China port terminals until 2020 and we already have operations alongside Hong Kong, in Qingdao, Tianjin and Yantai. The region will continue to play a major role in our global network across 40 countries and we look forward to working with Dubai Exports to grow trade there for the long term.”

Nabil Sultan, Divisional Senior Vice President, Emirates SkyCargo, commented: “I’m delighted to congratulate Dubai Exports on establishing a footprint in what is undoubtedly one of the world’s busiest and biggest air freight markets. Emirates has been flying to Hong Kong for well over two decades and we currently have 26 freighters and 28 passenger flights connecting Hong Kong to the rest of the world weekly through our global network of over 155 destinations across six continents. Emirates SkyCargo is a leading facilitator of trade – connecting suppliers, manufacturers and end customers around the world, and we look forward to working with Dubai Exports to help regional exporters from Hong Kong connect to their customers in Dubai and beyond.”

In the meantime, Dubai Exports has organised a panel discussion on the sidelines of the opening of the new office with representatives of the Hong Kong Trade Development Authority, Dubai Ports World and Emirates SkyCargo in attendance. The participants highlighted the importance of linking Dubai and Hong Kong, both prominent re-export hubs and gateways.

Dubai Exports has developed a range of value-added trade support services to UAE-based firms exporting through Dubai, for accelerated and profitable expansion of their businesses in foreign markets.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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