HBMSU hosts roundtable on enhanced UAE-China economic cooperation

The Hamdan Bin Mohammed Smart University, HBMSU, today hosted a roundtable on the ‘Belt & Road Initiative’ and Islamic Finance Executive Strategy to promote economic cooperation between China and the UAE in the non-oil commercial and production sectors.

The event was held with the support of the Dubai Islamic Economy Development Centre and provided an opportunity to capitalise on the leading experiences of the UAE in Islamic finance to support China’s ambitious initiative of connecting the economies and trade activities of more than 60 countries.

The meeting was jointly organised by HBMSU’s Dubai Centre for Islamic Banking and Finance, the National Development and Reform Commission of the People's Republic of China, NDRC, the China Islamic Finance Club, and ZhiShang Inter-Culture Communication.

Themed ‘Sukuk and Economic Development: Opportunities and Challenges,’ the roundtable provided an international platform for exploring bilateral cooperation in the fields of trade, education, scientific research, and knowledge exchange under the Belt and Road Initiative. Discussions also centered on the challenges and opportunities in promoting Islamic financial instruments in China with a focus on Islamic Sukuk. The impact of Dubai’s emergence as the largest Islamic Sukuk hub in the world on Chinese companies was tackled as well.

Dr. Mansoor Al Awar, Chancellor of HBMSU, highlighted the importance of maximising the transfer of knowledge and expertise between intellectual and research institutions involved in Islamic finance in the UAE and China. He explained that this would help identify and propose strategic priorities for driving economic growth and comprehensive and sustainable development through Islamic finance, in line with the objectives of the ‘One Belt, One Road’ strategy.

Abdullah Mohammed Al Awar, CEO of the Dubai Islamic Economy Development Centre, in his speech pointed out the numerous promising opportunities in the UAE that can contribute to the success of the ‘One Belt, One Road’ initiative.

Professor Nabil Baydoun, Vice Chancellor for University Advancement, HBMSU, said, "The ‘Belt and Road’ initiative will pave the way for the further growth and sustainability of the global economy, while also reinforcing economic cooperation between Asia and Europe."

Li Lingbing, Chinese Consul General to Dubai, also delivered a speech about the prospects for relations between China and UAE, while Dr. Fan Hengshan, Deputy Secretary-General of NDRC, briefed the audience on the latest developments under the Belt and Road Initiative.