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Hong Kong signs agreement with Qatar to enhance connectivity between financial hubs in latest Middle East outreach

  • The Financial Services Development Council and the Qatar Financial Centre Authority agreed to formalise their relationship, promote business
  • Move represents Hong Kong’s latest outreach in the Middle East since its pivot from the West in 2022

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Back row: (left) Daniel Fung, vice chairman of the FSDC and Joseph Chan, Hong Kong Under Secretary for Financial Services and the Treasury. Front row: (left) Yousuf Mohamed Al-Jaida, CEO of Qatar Financial Centre and Dr King Au, Executive Director of the FSDC. Photo: Handout
Mia Castagnone
Hong Kong is expanding its market outreach in the Middle East by linking up with the investment authority in oil-rich Qatar, paving the way for future cooperation and strategic alliances between the two financial hubs.
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The Financial Services Development Council (FSDC) and the Qatar Financial Centre Authority, signed a memorandum of understanding (MOU) to formalise their relationship. Both parties agreed to share best practices, facilitate training and exchange programmes, and enhance connectivity in the sector, among other things.

“This MoU marks the beginning of a strategic partnership that will strengthen the collaboration between the financial and fintech sectors of Qatar and Hong Kong,” executive director King Au said after signing the pac in Doha on Monday. “We aim to equip industry participants in both markets with the necessary insights and connections to develop win-win opportunities.”

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The agreement is “an important milestone” to strengthen ties between Hong Kong and Qatar’s financial sectors, Yousuf Mohamed Al-Jaida, CEO of Qatar Financial Centre, said in a press statement. The cooperation can foster greater innovation and growth in both markets, he added.

“Together, we can drive positive change and contribute to the continued advancement of the financial services industry.”

Qatar’s economy was worth US$236.6 billion in 2022, about two-thirds of Hong Kong’s gross domestic product (GDP) in the same year. Oil revenue made up 37 per cent of its GDP, while financial services and construction contributed about 12 per cent each.

The effort underlines Hong Kong’s latest attempt to bolster relations with counterparts in the Persian Gulf States, switching its focus as economic and business ties with the West deteriorate amid political differences stemming from issues including national security and civil liberties.
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