Global Markets
Home›Global Markets›Emerging Markets›Hong Kong finance chief cites 35% jump in Middle East…
Hong Kong finance chief cites 35% jump in Middle East trade
He said Gulf sovereign wealth funds shifted, with about 40% of their globally allocated funds flowing into Asia last year.
Capital from the Gulf region is increasingly flowing into Asia, and Hong Kong is seeing faster growth in its trade links with the Middle East, according to Hong Kong’s finance chief, Paul Chan Mo-po, as reported by SCMP Economy.
Chan said bilateral trade between Hong Kong and the Middle East rose 35% year on year in the first five months of this year, while trade between the Gulf Arab states and Hong Kong increased about 5% last year.
The finance chief also highlighted that bilateral trade between Hong Kong and the United Arab Emirates surged by more than 52% over the same first five month period.
On capital flows, Chan said Gulf sovereign wealth funds previously invested mainly in American and European markets, but of their tens of billions of US dollars allocated globally last year, about 40% flowed into Asia, according to SCMP Economy.