HKMA and CBUAE Sign MOU to Enhance Financial Cooperation and Market Connectivity

HKMA and CBUAE deepen financial market co-operation between Hong Kong and UAE

The following is issued on behalf of the Hong Kong Monetary Authority:

​The Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE) held the second bilateral meeting in Hong Kong today (December 20), further solidifying co-operation and connectivity between the financial services sectors of the two jurisdictions.

Following the first bilateral meeting in Abu Dhabi in May 2023, the HKMA and the CBUAE have continued engaging in in-depth discussions covering several major areas, including cross-border debt capital market connectivity, financial infrastructure development, and investment outlook and opportunities in both the Middle East and North Africa (MENA) region and Mainland China.

In this connection, a Memorandum of Understanding (MOU) was signed today by the Chief Executive of the HKMA, Mr Eddie Yue,and the Governor of the CBUAE,H.E. Khaled Mohamed Balama, to strengthen and formalise the co-operation arrangements. Under the MOU, the two authorities have agreed to establish connectivity of the debt capital markets and the related financial market infrastructures between Hong Kong and the UAE with a view to facilitating cross-border debt securities issuance and investment activities.

Mr Yue said, "We are delighted to welcome the CBUAE delegation to Hong Kong. Today's discussions strengthened the financial collaboration between the two central banks in several important areas. The MOU, in particular, will further enhance mutual co-operation and the exchange of expertise between the HKMA and the CBUAE in debt capital markets, and reinforce Hong Kong's strategic role as a gateway to both the Renminbi and international debt markets. There is significant potential for the financial sectors of both sides to explore new business opportunities. We look forward to our continued collaboration with the CBUAE to strengthen investment and financial market connectivity between the Middle East and Asia."

H.E. Khaled Mohamed Balama said, "I am glad to see encouraging progress made today between the two central banks in agreeing on the way forward on debt capital market development and collaboration. We aim at unlocking the potential of the two debt capital markets to allow seamless and cost-effective cross-border debt securities issuance, trading, investment, settlement as well as collateral management. This initiative will help the UAE become the gateway for issuers and investors in the MENA region to have efficient access to the China and Asian debt markets, whilst also, allowing Chinese and Asian issuers and investors to gain direct access to the MENA debt market through the UAE."

HKMA and CBUAE deepen financial market co-operation between Hong Kong and UAE Source: HKSAR Government Press Releases

HKMA and CBUAE deepen financial market co-operation between Hong Kong and UAE Source: HKSAR Government Press Releases

Hong Kong Customs detects two drug trafficking cases involving passengers at airport

Hong Kong Customs today (May 26) detected two drug trafficking cases involving passengers at Hong Kong International Airport and seized about 11 kilograms of suspected cannabis buds and 18kg of suspected ketamine, with a total estimated market value of about $8.85 million. Two men were arrested.

The first case involved a 62-year-old male passenger arriving in Hong Kong from Bangkok, Thailand, today. During customs clearance, Customs officers found about 11kg of suspected cannabis buds, with an estimated market of about $2 million, inside his check-in baggage. The man was subsequently arrested.

The second case involved a 58-year-old male passenger arriving in Hong Kong from Paris, France, today. During customs clearance, Customs officers found about 18kg of suspected ketamine, with an estimated market of about $6.85 million, inside his check-in baggage. The man was subsequently arrested.

The arrested person in the first case has been charged with one count of trafficking in a dangerous drug and the case will be brought up at the West Kowloon Magistrates' Courts tomorrow (May 27). For the second case, an investigation is ongoing.

Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.

Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.

Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

Members of the public may report any suspected drug trafficking activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account(crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Hong Kong Customs detects two drug trafficking cases involving passengers at airport Source: HKSAR Government Press Releases

Hong Kong Customs detects two drug trafficking cases involving passengers at airport Source: HKSAR Government Press Releases

Hong Kong Customs detects two drug trafficking cases involving passengers at airport Source: HKSAR Government Press Releases

Hong Kong Customs detects two drug trafficking cases involving passengers at airport Source: HKSAR Government Press Releases