Financial Secretary John Tsang signed an agreement on the avoidance of double taxation with the United Arab Emirates today.
He signed the agreement with the UAE’s Minister of State for Financial Affairs Obaid Humaid Al Tayer in Dubai.
The two sides also announced the launch of negotiations for the Investment Promotion & Protection Agreement to further strengthen their economic and trade ties.
Mr Tsang then attended the bell-ringing ceremony marking the Hong Kong Government's inaugural sukuk offering in Dubai.
He also met Dubai Financial Market chairman and International Financial Centre governor Essa Abdulfattah Kazim, and Islamic Economy Development Centre Board Chairman Mohammed Abdullah Al Gergawi.
Addressing a business luncheon, Mr Tsang said Hong Kong and Dubai have much in common, as gateways to hinterlands full of consumers and opportunities.
He added increasing use of renminbi in international trade and finance will offer new opportunities for the UAE's corporations and financial institutions.