Various government initiatives, electricity tariff hike, Corporate Green Power Programme and sustainability adoption supportive of RE industry outlook
Samaiden Group Berhad, a renewable energy (RE) specialist principally involved in engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants registered a 36.28% rise in revenue to RM40.23 million for the second quarter ended 31 December 2022 (2Q FY2023) compared with RM29.52 million in the corresponding quarter of the previous financial year.
Group Managing Director of Samaiden, Ir. Chow Pui Hee
Samaiden recorded a 10.48% gain in profit before tax (PBT) to RM3.48 million in 2Q FY2023 compared with RM3.15 million for 2Q FY2022 while profit after tax (PAT) increased 14.60% to RM2.59 million compared with RM2.26 million.
For the first-half of the financial year 2023 (1H FY2023), revenue increased 52.14% to RM81.00 million compared with RM53.24 million in 1H FY2022 while PBT gained 14.77% to RM6.76 million compared with RM5.89 million. Samaiden’s PAT increased 16.67% to RM5.04 million compared with RM4.32 million in the same period.
For the quarter under review, EPCC services contributed to approximately 99.45% of Samaiden’s revenue. The remaining revenue came from energy asset investment, environmental consultancy and operation and maintenance.
Group Managing Director of Samaiden, Ir. Chow Pui Hee said, “We see government initiatives encouraging the deployment of RE, particularly the launch of 600 megawatts (MW) Corporate Green Power Programme in last November which will drive the adoption of sustainability. In addition to that, the increase in electricity tariffs starting from January 2023 also serve as the catalyst for the RE industry development in Malaysia.”
“Taken together, these initiatives and measures are opportunities that can be leveraged either to provide EPCC services for solar PV systems or to allow us to participate as an investor in all these solar assets. We will also continue to leverage on our core competency and experience to provide end-to-end services for potential solar PV and other non-solar projects. Nonetheless, we remain optimistic about investing in Southeast Asia, as many neighbouring countries are prioritizing energy transition as their key national objective. We are cautiously optimistic about Samaiden’s performance for the remainder of FY2023.
Samaiden’s total outstanding orderbook stood at RM269.54 million as at 31 December 2022 and is expected to contribute positively to revenue and profit over the next three years.
Company is in a solid financial position to pursue growth with healthy cash and bank balances
Southern Score Builders Berhad (Bursa: SSB8, 0045), a provider of construction management services mainly for high-rise residential buildings, had announced today that the Group registered revenue of RM59.35 million for the second quarter ended 31 December 2022 (2Q FY2023).
Executive Director and Chief Executive Officer of Southern Score Builders, Gan Yee Hin
The Group recorded a loss before tax (LBT) of RM0.43 million in 2Q FY2023. The LBT recorded was mainly due to a one-off reverse acquisition expense amounting to RM14.63 million incurred as part of the regularisation plan which was completed on 9 November 2022. If not for the reverse acquisition expense, the Group would have recorded a profit before tax (PBT) of RM14.2 million in 2Q FY2023.
Due to the regularisation plan, there is no comparison with the corresponding quarter of the previous financial year.
For the six months ended 31 December 2022 (1H FY2023), Southern Score Builders registered revenue of RM110.47 million and PBT of RM9.46 million. The Group would have registered PBT of RM24.09 million for 1H FY2023 if not for the reverse acquisition expense incurred under the regularisation plan.
The Group remains in a solid financial position to pursue its growth and expansion plans, with cash and cash equivalents balance at the end of 1H FY2023 amounting to RM108.22 million.
Executive Director and Chief Executive Officer of Southern Score Builders, Gan Yee Hin said, “We are optimistic for the outlook of the Group based on the ongoing projects and the Group’s potential to secure new projects in the coming quarters. We believe the growth momentum of the domestic construction sector will continue after having expanded 8.8% in 2022 according to the latest figures from the Department of Statistics Malaysia.”
“The Group has participated in a number of public and private sector tenders and is also exploring opportunities in other projects that could yield long-term and sustainable revenue. The strategic focus remains expanding our construction services while leveraging on our expertise and business network. As part of the future plans, we are also venturing into the manufacturing of Industrialised Building System products as we see demand growing from the construction sector.”
“Taking into consideration the Group’s prospects, the Group is likely to achieve the targeted profit over the profit guarantee period which is a cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024 provided by the vendor, Super Advantage Property Sdn Bhd under the regularisation plan. This guarantee is intact and well on target.”
In a separate announcement to the stock exchange, the Group’s Board of Directors declared an interim dividend of 1 sen per ordinary share for the financial year ending 30 June 2023 to be paid out on 18 April 2023 with an ex-date of 28 March 2023.
The Director-General of Investment Promotion at Invest Hong Kong (InvestHK), Mr Stephen Phillips, today (February 20) started his duty visit to Bangkok as part of the latest efforts to promote Hong Kong’s business opportunities.
Mr Stephen Phillips
During the visit, Mr Phillips will meet with potential start-ups and companies from fintech, transport, infrastructure and advanced manufacturing, tourism and hospitality, and consumer products sectors to discuss their plans of setting up or expanding in Hong Kong. He will also speak at the panel discussion on “Digital FDI & Innovation” at the World Association of Investment Promotion Agencies Asia Pacific IPAs Investment Conference and host two briefings for Thai start-up communities with specific themes on the latest development and initiatives of virtual assets in Hong Kong and the vibrant start-up landscape and opportunities in the city respectively.
Mr Phillips said, “Hong Kong is the only place in the world where the global advantage and the China advantage come together in a single city. This unique convergence makes Hong Kong the irreplaceable connection between the Mainland and the rest of the world. The city is an ideal location for overseas and Mainland companies, as well as entrepreneurs from around the world, as a base to set up or expand their business in Hong Kong, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), China, and Asia more widely.”
He added, “Hong Kong offers Thai companies a wide range of routes to growth opportunities. I look forward to sharing with representatives of companies and entrepreneurs the latest business environment in Hong Kong, and in particular, how they can use Hong Kong to seize opportunities, including those arising from the GBA.”
The Director-General of Investment Promotion at Invest Hong Kong (InvestHK) of the Government of the Hong Kong Special Administrative Region of the People’s Republic of China, Mr Stephen Phillips, today (February 20) started his duty visit to Bangkok as part of the latest efforts to promote Hong Kong’s business opportunities.
Mr Stephen Phillips
During the visit, Mr Phillips will meet with potential start-ups and companies from fintech, transport, infrastructure and advanced manufacturing, tourism and hospitality, and consumer products sectors to discuss their plans of setting up or expanding in Hong Kong. He will also speak at the panel discussion on “Digital FDI & Innovation” at the World Association of Investment Promotion Agencies Asia Pacific IPAs Investment Conference and host two briefings for Thai start-up communities with specific themes on the latest development and initiatives of virtual assets in Hong Kong and the vibrant start-up landscape and opportunities in the city respectively.
Mr Phillips said, “Hong Kong is the only place in the world where the global advantage and the China advantage come together in a single city. This unique convergence makes Hong Kong the irreplaceable connection between the Mainland and the rest of the world. The city is an ideal location for overseas and Mainland companies, as well as entrepreneurs from around the world, as a base to set up or expand their business in Hong Kong, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), China, and Asia more widely.”
He added, “Hong Kong offers Thai companies a wide range of routes to growth opportunities. I look forward to sharing with representatives of companies and entrepreneurs the latest business environment in Hong Kong, and in particular, how they can use Hong Kong to seize opportunities, including those arising from the GBA.”
A new partnership, between digital identity verification provider Blockpass and Avalanche, a high-performance smart contracts platform, is revealed today as both companies seek to further the safety, security and capabilities of the blockchain ecosystem. As part of this partnership, Blockpass will be integrated with Avalanche for KYC and AML verification. Through this, Avalanche will also enjoy Blockpass’ new feature that allows users to certify their ownership of their digital wallets, providing a market suitable for Unhosted Wallets thanks to Blockpass’ Unhosted Wallet KYC.
Avalanche is a high-performance, scalable, customizable, and secure blockchain platform which enables the building of application-specific blockchains for both private and public blockchains. The Avalanche platform facilitates the creation and launching of highly scalable decentralized applications and complex digital assets with custom rules, covenants, and riders. With these smart assets and scalable Dapps, Avalanche provides a low-cost and eco-friendly platform for the creation, transfer, and trade of digital assets.
Blockpass is a digital identity verification provider which provides a one-click compliance gateway to financial services and other regulated industries. Through Blockpass, users can create, store, and manage a data-secure digital identity that can be used for an entire ecosystem of services, token purchases and access to regulated industries. For businesses and merchants, Blockpass is a comprehensive KYC & AML SaaS that requires no integration and no setup cost. You can set up a service in minutes, test the service for free and start verifying and on-boarding users. Currently, with around one million verified user identity profiles, Blockpass facilitates instant onboarding, and to date over a thousand businesses have taken advantage of this opportunity to get access to users, including those with unhosted wallets and reusable digital identity profiles.
“Since the conception of Blockpass the digitization of assets has been one of our goals and we’re excited to be working together with Avalanche to further the development of blockchains, decentralized apps and smart assets,” said Blockpass CEO Adam Vaziri. “We started with the verification of human identity to enable both regulatory compliance and the provable ownership of digital assets; we’re pleased that we can work with Avalanche to expand this and to provide our Unhosted Wallet KYC solution.”
Blockpass has grown significantly in size and use since its inception, both in the number and range of users and organizations it has partnered with and the scope of its work. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. The existential need for DeFi projects to be regulatory compliant and the recent integrations and legal developments have led to a surge in interest for Blockpass’ On-chain KYC(R), the only live zero knowledge solution for Crypto KYC, and Unhosted Wallet KYC solution finally enabling blockchains and DeFi platforms to have a compliance layer. Through its work with Animoca Brands from early 2022, Blockpass provides a zero knowledge KYC service where the delivery of the verification result is provably sent and shown on a blockchain without sharing the underlying data. This represents a significant step towards the future Blockpass hopes to bring about where identity verification can be proved without revealing any personal information at all.
About Avalanche Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low cost, and green. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Don’t believe it? Try Avalanche today.
About Ava Labs Ava Labs is a team that makes it easy to launch decentralized finance (DeFi) applications on Avalanche, the fastest smart contract platform in the blockchain industry. Empowering people to easily and freely digitize all of the world’s assets on one open and programmable blockchain platform, Ava Labs was founded by computer scientists from Cornell University, who brought in talent from Wall Street. The company is funded by Andreessen Horowitz, Initialized Capital and Polychain Capital, with angel investment from Balaji Srinivasan and Naval Ravikant. https://www.avalabs.org/
About Blockpass Blockpass is building trust in the Crypto Economy by providing…. – A home for all your Crypto KYC needs – KYC & AML for DeFi, exchanges & blockchains, Travel Rule provision for regulated VASPs, and blockchain forensics. – A decentralized network of around one million crypto enthusiasts with portable KYC profiles and around one thousand business customers. – The fastest, most affordable, fully stacked KYC & AML screening in the Crypto sector. – The first and only KYC & AML “Crypto Travel Rule” solution for unhosted wallets.
In 2021, Blockpass was invited to enter the Cohort 7 of the UK Financial Conduct Authority Sandbox to pilot our solutions for the UK market. Blockpass also introduced the On-chain KYC solution that enables customers to access zero-knowledge verification of users so they can access provably completed verifications and adhere to standards without seeing the underpinning data. In 2022, Animoca Brands and Yuga Labs utilized On-chain KYC when they verified over 150,000 users in the $320 million Otherside NFT sale – the largest to date in Crypto sector history.
Aneka Jaringan Holdings Berhad (Bursa: ANEKA, 0226), a basement and foundation construction specialist, announced that shareholders have approved all resolutions at the 4th Annual General Meeting (AGM) of Aneka Jaringan held today on a virtual platform.
Managing Director of Aneka Jaringan, Pang Tse Fui
Shareholders received the audited financial statements for the Financial Year Ended 31 August 2022 together with the reports of the directors and auditors contained therein. Shareholder passed resolutions to re-elect Dato’ Noraini binti Abdul Rahman and Wee Kee Hong to the Board of Directors and approved the payment of directors’ fees and benefits of up to RM220,000 from 17 February 2023 until the conclusion of the next AGM.
Other resolutions passed included the re-appointment of Baker Tilly Monteiro Heng PLT as the Group’s auditor, as well as authorising the Board of Directors to fix its remuneration. Shareholders also approved the authority for the Board of Directors to issue shares and approved the proposed new mandate for recurrent related party transactions of a revenue or trading nature.
Managing Director of Aneka Jaringan, Pang Tse Fui said, “We would like to thank shareholders for their continued support and confidence in us as the Group continues to secure new contracts in Malaysia while expanding in Indonesia. We have secured RM59.8 million in contracts in Financial Year Ended 2023 and have increased capacity in Indonesia as we seek to leverage on the country’s infrastructure needs that include its new capital of Nusantara.”
“The Group is cognisant of the risks and challenges that continue to affect the construction sector. Energy, labour and raw material prices remain areas of concern and the Group has taken steps to mitigate these risks such as replacing outsourced workers with newly recruited foreign workers as we have been granted a government quota of 150 workers.”
Aneka Jaringan has an order book of RM145.73 million as of 31 October 2022, with Malaysian operations contributing RM138.97 million and Indonesian operations contributing RM6.76 million.
As of 31 October 2022, the Group’s tender book stood at RM969.45 million, with tenders in Malaysia valued at RM873.85 million and tenders in Indonesia valued at RM95.60 million.
Company takes action to protect interests following lack of project progress
Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company’s wholly-owned subsidiary, SCIB International (Labuan) Ltd. (SCIBILL), has issued a notice of termination to PT Cipta Multi Sarana (PTCMS) for the proposed engineering, procurement, construction and commissioning (EPCC) project involving earthworks for the Prabumulih-Muara Enim tolled road located in Sumatera, Indonesia valued at RM55.59 million.
Group MD and CEO of SCIB, Encik Rosland bin Othman
SCIBILL, which accepted a letter of award for the EPCC project on 18 August 2020 from PTCMS, has decided to take the necessary measures to protect its interests following the lack of progress in the project arising from uncertainties related to the COVID-19 pandemic and in view of the initiatives being taken to review and update SCIB’s order book records.
SCIBILL and PTCMS have mutually agreed to terminate the contract and unconditionally release and indefinitely discharge both parties from all claims, liens and obligations of every nature arising out of or in connection with the performance of the works and all amendments thereto, provided that the parties’ obligations under a settlement agreement are fulfilled.
Group Managing Director of SCIB, Encik Rosland bin Othman said, “The termination is in the best interests of the Company as there has been no progress on the project. On the part of PTCMS, it has acknowledged that there are no penalties or liquidated ascertained damages on SCIBILL.”
Company to install two 132kV transformer bays in Negeri Sembilan
Bintai Kinden Corporation Bhd (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is pleased to announce that the Company’s wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd (KBK), has been awarded a project worth RM14.2 million by Tenaga Nasional Berhad (TNB) for the installation of two 132kV transformer bays air insulated switchgear complete with the relevant primary, secondary, cables and all associated civil works located in Pasir Besar, Negeri Sembilan.
Executive Director of Bintai Kinden, En. Azri Azerai
The project’s scope of work also includes a 33kV building, two 300kVA 33/0.415kV local transformers, 33kV GIS single busbar (eight outgoing, two incomer, two local transformers and two bus-ties), 33kV CRP, 33kV RTU, 33kV SIP and 33kV MPE, neutral earthing system, earthing system extension, lightning protection system, associated secondary works (protection & telecontrol) and, associated underground cable works for power transformer, local transformer and bus-tie.
KBK, a specialist in M&E engineering services, was also awarded a project worth RM39.0 million by TNB for the installation of a 132kV underground cable double circuit in late November 2022.
Azri Azerai, Executive Director of Bintai Kinden said, “We are happy to work with TNB as both parties have a working relationship and track record going back some years. The award of the contract is also testament to our expertise and experience in M&E engineering services including design, installation and commissioning.
“Bintai Kinden has in recent years been growing our range of expertise through investments and acquisitions that leverage on our strengths and market network. The Company has mid-to-long-term plans to transform to a multidisciplinary M&E engineering services specialist that also include strategic partnerships like the one we recently inked with Sarawak Consolidated Industries Berhad.”
Past TNB projects in which Bintai Kinden has been involved in include the 132kV Kuchai Lama switching station, 132kV MRT Bukit Serdang switching station, 132kV single-circuit underground cable from PMU Galloway to PMU KLCC2 and, 132kV bulk supply connection to KTMB Sentul feeder station. Total unbilled order book under M&E segment of Bintai Kinden is RM143.41 million.
13 MoUs showcase Hong Kong strengths in finance, trade, tech and sustainability
Since the recent reopening of the Hong Kong-mainland border, the Hong Kong Trade Development Council (HKTDC) embarked on a week-long business mission to the Middle East, led by Mr John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR).
The Hong Kong business delegation signed 13 MoUs during this trip. In this photo, HKTDC and Abu Dhabi Chamber of Commerce and Industry signed an MoUs at the Abu Dhabi-Hong Kong Business Forum on 7 February.
The Hong Kong delegation engaged with senior representatives of government, local Chambers of Commerce and key corporations via business meetings and seminars. In this photo, they are on a company visit to SABIC, the leading petrochemicals manufacturer in the Middle East.
Led by Mr John Lee, HKSAR Chief Executive, the delegation visited various companies in Saudi Arabia and the UAE to learn about the latest developments. Here, the group visit THE LINE Experience exhibition (NEOM) showcasing innovative urban designs of the futuristic city NEOM.
Mr Lee was accompanied by principal officials Mr Horace Cheung, Deputy Secretary of Justice; Mr Christopher Hui, Secretary for Financial Services and Treasury; and Mr Algernon Yau, Secretary for Commerce and Economic Development.
The signing of 13 Memoranda of Understanding (MoU) during the mission signals new collaboration opportunities between Hong Kong and Middle East companies and organisations in business, finance, innovation and technology, sustainability and transport.
Over 30 business leaders from finance, logistics, technology and professional services joined the mission to Riyadh, Abu Dhabi and Dubai.
By showcasing Hong Kong’s strengths through business and official exchanges and proactive publicity, the mission deepened economic and trade relations and enhanced cultural exchange between Hong Kong and Saudi Arabia and the United Arab Emirates (UAE), helping Hong Kong attract investment and talent. It also solidified Hong Kong’s role as the global gateway to Mainland China and a leading business and investment hub in Asia.
The Hong Kong delegation met with senior representatives of government, local Chambers of Commerce, including the Saudi Chinese Business Council, Abu Dhabi Chamber of Commerce & Industry, Invest in Sharjah and Dubai Chambers, the last of which also announced the establishment of a Hong Kong office yesterday.
HKTDC Chairman Dr Peter K N Lam said, “The Middle East has an important role to play in driving the global economy and has important strategic significance in supporting the development of the Belt and Road. As Hong Kong reopens to the world, we have lost no time in organising this Hong Kong business delegation to the Middle East, led by the Chief Executive and three principal officials. Apart from presenting Hong Kong’s latest incentives and policies to attract investment and talent, we also introduced new opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and encouraged UAE and Saudi companies to take advantage of Hong Kong’s investment and business platforms.”
Dr Lam added, “From our meetings and visits, we saw that Saudi Arabia and the UAE welcome deeper and broader ties with Hong Kong to support their strategic development. I am delighted that many MoUs have been signed across many sectors. These will lay a solid foundation for future long-term cooperation. With our 50 offices around the world, the HKTDC will continue to help businesses open doors and to promote Hong Kong as a global business hub.”
Apart from over 30 international trade fairs and conferences in Hong Kong, the HKTDC organises large-scale overseas mega promotions, such as Think Business, Think Hong Kong, which will be held in Thailand in July to promote the Hong Kong brand together with the Hong Kong family of organisations.
The MoUs signed during this mission include: 1. Hong Kong Exchanges and Clearing Limited (HKEX) and Saudi Tadawul Group Holding Company 2. SenseTime and King Abdullah Financial District (KAFD) (Letter of Intent) 3. Hong Kong General Chamber of Commerce (HKGCC) and Riyadh Chamber 4. Templewater Ltd, Bravo Transport Services Ltd and Wisdom Motors (Hong Kong) Ltd and Nesma Holding Ltd 5. SenseTime and Sela Company (Letter of Intent) 6. Hutchison and King Salman Energy Park (SPARK) 7. HKTDC and Dubai Chamber 8. Ho & Partners Architects, Negawatt, Masdar City, and The Catalyst 9. HKSTP and Sharjah Research Technology & Innovation Park 10. Hong Kong Cyberport and Dubai Future Foundation 11. HKTDC and Invest in Sharjah 12. HKTDC and Abu Dhabi Chamber of Commerce & Industry 13. Federation of Hong Kong Industries (FHKI) and Abu Dhabi Chamber of Commerce & Industry
About HKTDC The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
Media enquiries Please contact the HKTDC’s Communications and Public Affairs Department: Sunny Ng, Tel: +852 2584 4357, Email: sunny.sl.ng@hktdc.org Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org
A delegation of business leaders from the Hong Kong Special Administrative Region (HKSAR), led by the city’s Chief Executive and principal officials and organised by the Hong Kong Trade Development Council (HKTDC), is in the United Arab Emirates (UAE) this week to strengthen existing business ties and develop new areas of collaboration in technology, sustainability and smart city development, in addition to traditional sectors of finance and trade.
A Memorandum of Understanding (MoU) has been signed between HKTDC and Dubai Chambers.
Panel speakers discussed the opportunities for deeper UAE-Hong Kong collaboration at the business forum before a dinner for the Dubai and Hong Kong business communities.
With Hong Kong’s unrivalled access to China and Asia and the UAE’s role as a gateway to the Gulf Cooperation Council (GCC) and European markets, the relationship between the two commercial centres is already providing important benefits to a range of businesses.
The arrival of the high-level business delegation, which comprises senior executives from Hong Kong’s financial institutions, financial regulators as well as major players in innovation and technology (I&T), sustainability and smart city solutions, will help accelerate the commercial ties between the HKSAR and the Emirates, and support the strategic development of the UAE, Hong Kong and mainland China.
The important strategic relationships, which exist between China and the UAE, are based on a shared backing for liberal trade policies, investment in cutting-edge technology, low tax regimes and backing for pro-business regulation.
A press conference was held on 8 February in Dubai, followed by a business forum and dinner in the presence of H.E. Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, H.E. Mr Abdul-Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers and H.E. Sultan Bin Sulayem, Chairman of Dubai International Chambers.
Hong Kong’s Chief Executive Mr John Lee said: “The UAE is Hong Kong’s largest trading partner in the Middle East region. We treasure this long-standing relationship, and I believe that we can now take it to a higher level. That’s why I’m here, together with these business leaders from Hong Kong – some 30 strong – to tell you that our business and investment doors are wide open and welcoming for UAE companies and investors. For a world of opportunities.”
“The commercial and political ties between Hong Kong and the UAE are growing ever stronger. It is clear we both approach business in the same way, backing innovation, investing in technology and looking for sustainable solutions. This business mission to the UAE shows the depth of existing commercial relationships and the potential to do a lot more.”
In response, H.E. Dr Thani bin Ahmed Al-Zeyoudi stressed the strength and durability of the strategic relations between the United Arab Emirates and the People’s Republic of China, which are witnessing continuous development, especially in the areas of economics and trade. The forward-looking and visionary leadership of the two countries is building a strong partnership, opening up new opportunities and broadening bilateral economic cooperation.
His Excellency added: “Strengthening investment and trade partnerships with Hong Kong supports the strategic cooperation between the UAE and China and contributes to opening new business fields, stimulating communication between the Emirati-Chinese business communities, especially in light of new economic opportunities”.
His Excellency continued: “The value of foreign trade between the UAE and Hong Kong amounted to about AED32 billion (US$8.7 billion) during the first 9 months of 2022, achieving a growth of 36% compared to the same period in 2021, while Hong Kong was among the top 10 trading partners for the UAE during 2021, with a contribution of more than 2% of the UAE’s total non-oil trade.”
His Excellency indicated that the forum represents an important step in supporting increased trade and enhancing prospects for bilateral cooperation in a wide range of sectors, especially shipping, logistics, the service sector and air transport. It maximises benefits for Emirati companies and their counterparts in Hong Kong.
HKTDC Chairman Dr Peter K N Lam mentioned in his opening remarks that “Dubai and Hong Kong are natural partners, when it comes to creating business opportunities. The signing of three MoUs* at our event tonight shows the tremendous potential for deeper collaboration. Creating business opportunities has been the work of the Hong Kong Trade Development Council for over 55 years, and I am pleased to be part of these exciting times.”
Representing the business community in Dubai, H.E. Abdul-Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, commented: “I am proud to say that the UAE is the largest trading partner for Hong Kong in the Middle East. Non-oil trade between the UAE and Hong Kong reached AED22.2 billion in the first half of 2022, registering 16.2% growth compared to the first half of 2021. With the presence of our new international office in Hong Kong, I look forward to seeing continued collaboration with our Hong Kong counterparts and seeing the relationship between our countries thrive and prosper even more.”
In the trade delegation, Chief Executive Mr Lee is joined by three principal officials: Deputy Secretary of Justice Mr Horace Cheung, Secretary for Financial Services and Treasury Mr Christopher Hui and Secretary for Commerce and Economic Development Mr Algernon Yau.
Other business leaders from Hong Kong and the Emirates also exchanged views at a panel discussion yesterday. Chaired by Mr Yau, panel speakers included Mr Nicolas Aguzin, Chief Executive Officer of Hong Kong Exchanges and Clearing Ltd, Dr Sunny Chai, Chairman of the Federation of Hong Kong Industries and Chairman of the Hong Kong Science & Technology Parks Corporation (HKSTP), Mr Horace Cheung, and H.E. Hussain Al Mahmoudi, Chief Executive Officer of Sharjah Research Technology & Innovation Park (SRTIP) and H.E. Faisal Juma Khalfan Belhoul, Vice Chairman of Dubai International Chamber.
* 3 MOUs have been signed between: – HKTDC and Dubai Chamber – Ho & Partners Architects, Negawatt, Masdar City, and The Catalyst – HKSTP and Sharjah Research Technology & Innovation Park
Hong Kong: Ready for business As a two-way platform between China and the world and as one of the world’s top financial centres, Hong Kong has been supporting businesses and investors worldwide to tap into the vast China and Asia market as well as playing a major role in the global financial system with special connectivity to the China market.
As part of China, but operating under an international system, Hong Kong provides special access to and from the mainland in the flow of capital, goods, technology and people, as defined in the country’s national 14th Five-Year Plan. Hong Kong is also a commercial hub for the Belt and Road Initiative, a global development plan initiated by China, and part of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) – an area in Southern China earmarked by the Chinese government as a powerhouse of capital, I&T and cultural exchange driving the country’s development.
With the city’s common law system, low tax regime, advanced infrastructure and connectivity and a long history as an international trade and business hub, Hong Kong is well-placed to support businesses from all over the world to invest and grow.
Recently, the HKSAR Chief Executive announced in his Policy Address 2022 the wide array of incentives and measures to attract international strategic enterprises and investments to Hong Kong, particularly in areas such as life sciences, health technology, artificial intelligence and data science, financial technology, advanced manufacturing and new energy technology.
About HKTDC The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn.
