Hong Kong and Sharjah to promote foreign investments

Sign a Memorandum of Understanding to forge a strategic investment partnership.

The MOU was signed by Invest Hong Kong, which promotes foreign direct investment for Hong Kong, and the Sharjah Investment and Development Authority or Shurooq.

It was signed by Sheikha Bodour bint Sultan Al Qasimi, Chairperson of Shurooq, and Simon Galpin, Director General of Invest HK, at Sharjah, which is one of the emirates of the United Arab Emirates.

Sharjah covers 2,600 km² and had a population of some 800,000 in 2008. The emirate of Sharjah comprises the city of Sharjah and other minor towns and enclaves.

The MOU was the result of an investment tour to China made by Shurooq last year, during which Shurooq had held a number of high levels meetings to explore future cooperative agreements.

The main objectives of the MOU are to share experience in promoting and attracting foreign investment, and to facilitate company referrals thus increasing business activity in Sharjah, the UAE and Hong Kong. It also aims to support inward investments referred by the partner agency with the set-up or expansion of their businesses.

Sheikha Bodour bint Sultan Al Qasimi expressed her happiness to have entered into yet another highly influential and strategic investment alliance.

In 2012, trade between the UAE and Hong Kong totaled some US$27 billion, an increase of 30% from 2011, and current projections place the expected trade between both countries at over $34 billion this year, making Hong Kong one of the UAE’s most significant trade partners.

Shurooq was established in 2009 with the aim of achieving social, cultural, environmental and economic development on the basis of Sharjah's distinct Arab and Islamic identity, and to encourage investment by adopting the best international standards in providing quality services that help attract investors from the region and the world.