Standard Chartered's Initiatives for Business Growth in Dubai

16 Sep, 2023

Standard Chartered's Initiatives for Business Growth in Dubai

Standard Chartered has formalized a collaborative pact with the Dubai Department of Economy and Tourism to actively promote business growth and capitalize on development opportunities bridging Hong Kong and Dubai.

This accord was formally ratified through the signatures of Mary Huen, CEO of Standard Chartered Hong Kong, and Hadi Badri, CEO of the Dubai Economic Development Corporation within the Dubai Department of Economy and Tourism.

As stipulated in the agreement, Standard Chartered Hong Kong and the Dubai Department of Economy and Tourism will embark on an enhanced partnership focusing on diverse strategic domains that interconnect Hong Kong and Dubai.

Key Goals of the Partnership:

The collaborative agreement aspires to cultivate sustainable financial solutions while propelling the expansion of capital market endeavors. Additionally, it targets the advancement of family offices, asset management, fintech, and virtual asset industries.

Another critical aspect is the formulation of solutions to bolster trade and commodity financing, encompassing imports, exports, and re-exports. Furthermore, the partnership seeks to foster the growth of startups and emerging technology-driven service providers catering to banking, financial, investment, and capital market transactions.

Rola Abu Manneh, Chief Executive Officer of Standard Chartered UAE, emphasized the significance of this alliance in today's globally connected landscape. She affirmed their commitment to facilitating seamless banking services for organizations and investors operating within the UAE-Hong Kong corridor. The Memorandum of Understanding not only underscores their dedication to nurturing trade and liquidity but also highlights their resolve to champion sustainable finance. Leveraging their expansive global network, they aim to connect businesses and individuals across both sides of the corridor to a world of opportunities.

Hadi Badri, Chief Executive Officer of the Dubai Economic Development Corporation within the Dubai Department of Economy and Tourism, added that their collaboration with partners like Standard Chartered is poised to establish cross-border platforms, accelerating opportunities for trade and fostering innovation exchange within the world's most rapidly growing economies. Capitalizing on Dubai's strategic position as a gateway to the broader Middle East, Africa, and beyond, this agreement extends companies from across Asia access to a wealth of resources and expertise. The goal is to reinforce their expansion and growth plans effectively. He expressed eagerness to collaborate closely with Standard Chartered, aiding their clients and customers in establishing successful operations in Dubai.