I represented the HK Stockbrokers Association on the Mission to Dubai organised by the HK Trade Development Council. The Mission was led by Mr. Frederick Ma Si-hang Secretary for Financial services and the Treasury.
We left HKG on Saturday 25 March 2006 in the afternoon and arrived at Dubai (via Bahrain) after mid night. After checking in, we finally got to bed around 3am Sunday.
Sunday is a working day in Arabic countries and so we had a seminar on doing business in HKG in the morning. In the afternoon, we met with the Dubai Investment Group which owns most of the major projects in Dubai including the world famous hotel. Cocktails was hosted by the Chinese Consul General at the Shangri-La Hotel. In between we were shown some of the projects. Real Estate is cheap by HK standards.
On Monday morning, we met with the Chamber of Commerce, the Municipality Government and the Minister of Finance.
Mr. Paul Chow and I then left the group and met with the Dubai Financial Market (DFM) which is the domestic exchange. We then rejoined the group for a visit to the Dubai Financial Services Authority (DFSA) which is equivalent to our SFC. Paul and I then stayed behind while the group went off to Jeddah for the second leg of the Mission.
We visited the Dubai International Exchange (DIFX) which intends to be the international exchange for the middle east. The DIFX is situated in the Dubai International Center (DIFC) which is almost an autonomous part of Dubai with its own legal system (for commercial, properties, and securities) and courts. Settlement is in USD in contrast with the DFM. Apparently, they have a "remote membership" category and I am exploring this to see if our members can trade Dubai stocks.
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