On the 12th, the Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, posted on his blog that the trade volume between Hong Kong and Gulf Arab countries increased by over 35% year-on-year in the first five months of this year, following a growth of about 5% last year. Among them, the bilateral trade volume with the United Arab Emirates increased by over 52%.
Chen Maobo said that in terms of capital flow, the sovereign funds of Gulf countries used to mainly invest in the US and European markets. However, last year, about 40% of the global allocation of tens of billions of dollars flowed to Asia, reflecting a significant change in their asset allocation. The diversified asset allocation strategy is gradually being reflected.
Chen Maobo mentioned that LEAP East 2026, the flagship event of innovation and technology in the Middle East, has entered Asia for the first time. The three-day exhibition was held in Hong Kong, attracting over 25000 attendees, with more than half of them being non local participants. The assets managed by the attending investors amounted to 6.5 trillion US dollars. This event brings together cutting-edge innovation and technology enterprises, park companies, and investment and financing communities from over 30 countries and regions internationally, and will continue to be held in Hong Kong for the next three years.