When it comes to the United Arab Emirates (UAE), Hong Kongers probably think of its airline, oil and Burj Khalifa Tower, the tallest building in the world. Indeed, the UAE is a new hotspot for investment that cannot be ignored by Hong Kong businesses as it has a stable economy, boasts a sound infrastructure and offers a lot of opportunities.

The UAE is the Middle East’s fourth largest economy and Hong Kong’s largest trading partner in the Middle East. Having successfully diversified its economy, the UAE adopts a policy of openness to attract prominent institutions from all over the world to set up branches there. At present, the latest developments and business opportunities in the country’s real estate, finance and creative industries are worthy of the attention of Hong Kong businesses.

Abu Dhabi offers abundance of opportunities

When it comes to investing in the UAE, we have to mention its capital, Abu Dhabi. Fatima Mohammed Al Hammadi, Vice President of Commercial and Business Development of ZonesCorp of Abu Dhabi Ports, said that Abu Dhabi’s geographical advantages of being easily accessible are favorable for international trading. Currently, the Port of Abu Dhabi has substantial investments in industrial and free trade zones, marine and cruise services, and port community systems, making it a beacon for maritime trade between the UAE and its global trading partners.

Regarding finance, Rania Krimeed, Head of Professional Services of Abu Dhabi Global Market, said that the Abu Dhabi International Financial Centre, as a sovereign financial free zone, aims to promote Abu Dhabi as a global business and financial center for facilitating economic development in the Middle East, Africa and Asia. He added that the free zone also helps startups in exploring fintech solutions and is an ideal hub for tech start-ups to seek funding and develop in the UAE.

Other important investment destinations that cannot be ignored

Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah of Sharjah Investment and Development Authority, said that Sharjah, the second largest economy in the Arab world, has a high degree of diversification as it is situated at the intersection of Europe, Asia and Africa. Investors will benefit from the huge potential of the region’s economy, which has maintained rapid growth over the past decade with a sustainable GDP growth rate of 11%. John Cunliffe, Strategic Business Development Director of Ras Al Khaimah Economic Zone (RAKEZ), said that RAKEZ is one of the fastestgrowing free trade zones in the UAE. It has a strategic location and is well-known for its industries. Now it is committed to reshape into an offshore financial destination, with the aim of attracting more foreign investment.

Regarding Dubai, which is more familiar to Hong Kongers, Ali Hassan, Senior Representative for Europe and North America of the Dubai International Financial Centre Authority, said that they have a long and successful history of supporting Chinese companies, and in recent years, China’s financial companies and state-owned banks operating in Dubai have grown exponentially. Therefore, the Dubai International Financial Centre is an ideal gateway for Chinese investors to enter the emerging market of the UAE. In addition, Dubai’s DP World is currently the world’s third largest container terminal operator. Faisal Jassem, Senior Manager of Sales of Jebel Ali Free Zone, said that the group is currently working to strengthen logistics services, aiming to leverage its port and supply chain advantages to play a greater role in global trade.

Dubai has broad space for investment

In addition to the above advantages, there are other investment options in Dubai. Humaid Omran Al Shamsi, Director of Real Estate Promotion Department of Dubai Land Department (DLD), said that the high demand for rental housing in Dubai is due to expatriates that make up 85% of its total population. Moreover, finding residential housing in prime locations is difficult as Dubai has a relatively short development period and the concession from the local tax system also makes it more favorable for rental income. Jaffar Bin Jaffar, Director of Property and Sales Operations of Asset Management of Dubai Healthcare City Authority, said that Dubai Healthcare City is the world’s first most comprehensive medical free zone. It has great potential for future development due to its brand advantages, prime location and complete facilities. Marwan Al Naqi, Director of Strategy and Corporate Excellence Department of Dubai Culture and Arts Authority, said that Dubai has committed to boost the development of creative industries in recent years to make the UAE the capital of the global creative economy. Through legislation, investment and technical support, the government will build creative parks to attract talents and investors from around the world.

With the support of the “Belt and Road” Initiative, the UAE has become the first Arab Gulf country to establish a strategic partnership with China. Daniel Sellers, Chief Representative o f China International Offices for the Dubai Chamber of Commerce and Industry, believes that the current industrial situation and development needs of the two countries are mutually complementary. He further said that Expo 2020 Dubai is the first World Expo held in the Middle East, Africa and South Asia (MEASA) region and is set to be not only an important occasion for the UAE to showcase its achievements in various fields in recent years, but also provide important inspiration for the whole mankind to jointly discuss sustainable economic and social development in the post-COVID-19 era.