By: Winnie Chiu JP
President and Executive Director of Dorsett Hospitality International
Hotel Election Committee
Earlier this month I was honoured to join the Chief Executive of the Hong Kong Special Administrative Region, John Lee Ka-chiu, and a delegation of more than 30 industry and business leaders to visit the United Arab Emirates (UAE) to promote collaboration. Witnessing the signing of a total of 13 Memoranda of Understanding (MoU) between Hong Kong and Middle Eastern companies, I firmly believe we are entering a new golden era of partnership between Hong Kong and the Middle East in the field of trade, investment and culture.
With the rest of the world currently facing headwinds following Russia’s invasion of Ukraine, and the current energy and food crises, we have seen a different picture unravel in the East and Gulf region. Both have emerged as two global growth centres, as the global economy’s centre of gravity shifts, and many expect the UAE and Hong Kong to be reinvigorated by rising consumer confidence and increasingly resilient supply chains.
The UAE is going from strength to strength across the sectors of finance, innovation, technology, infrastructure and construction, with an ambitious blueprint mapped out for future growth. Meanwhile Hong Kong, already one of the world’s leading international financial centres, offers businesses in the Middle East huge potential to tap into expertise and opportunity in business, finance and professional services.
In addition to increased business collaboration opportunities, businesses in the UAE can benefit from Hong Kong’s low tax rate, world-class transportation links and diverse talent pool, as well as access to markets in China’s Greater Bay Area, which boasts tens of thousands of innovative, growing and profitable private enterprises that present huge investment potential.
From our perspective at Dorsett, there is a significant opportunity in the UAE’s hospitality and real estate sectors. Around 680,000 residential units have been delivered for occupation in Dubai in total. Abu Dhabi has seen an increase of roughly 6,000 residential units over the past year bringing the capital’s residential stock to 279,000 units, according to JLL’s latest real estate market overview report 2022.
As a leader in the hospitality sector, it has also been fascinating for me to see the rapid development of the Meetings, Incentives, Conferences and Exhibitions (MICE) industry in the Middle East in recent years. The successful hosting of some of the most important large-scale international conferences and exhibitions showcases the region’s ability to drive opportunities for the tourism and hospitality industries. I foresee co-development opportunities between Hong Kong enterprises and businesses in Middle East to offer aparthotel and hotel services, with vast benefits to both markets.
Hong Kong is now moving on from the pandemic and ready to return to the international stage. This visit presented a very timely opportunity for Hong Kong and the Middle East to come together to explore the scope for further cooperation.
With the Dubai Chamber of Commerce recently announcing the establishment of a Hong Kong office, I am sure UAE companies will be in the best position to take advantage of Hong Kong’s investment and business platforms. I call on business leaders in Hong Kong and the UAE to seize this exciting opportunity of a new era in our partnership and am excited to see what the future holds.
