Saturday 16 / August / 2025
At the heart of Asia, Hong Kong continues to distinguish itself not only as a leading international financial centre but also a vibrant crossroads for cultures, religions, and global economies.
A Financial Powerhouse
For decades, Hong Kong has been at the forefront of global finance, recognised as one of the world’s premier international financial centres – ranked 3rd globally and 1st in the Asia Pacific, according to the Global Financial Centres Index published in March 2025.
Its IPO market ranked first globally this year, thanks to a framework of effective and transparent regulations, a sophisticated banking infrastructure, a sound legal system, a simple and competitive tax regime, and the free flow of capital.
As a key gateway to Mainland China and a major hub for offshore Renminbi transactions, Hong Kong provides unique advantages for accessing business opportunities in China and the broader Asia-Pacific region. Mutual economic diversification goals have also positioned Hong Kong as a critical link between Asia and the Gulf region. The GCC countries are deepening their engagement with Hong Kong particularly in emerging sectors like green finance, fintech, and Islamic finance. The Hong Kong Monetary Authority has actively pursued partnerships with Middle Eastern sovereign wealth funds, paving the way for cross-border investment and strategic collaboration.
Strengthening Ties with Oman
Since the opening of the Hong Kong Economic and Trade Office in Dubai (HKETO Dubai) in 2021, Hong Kong has made significant strides in enhancing bilateral trade and economic co-operation with GCC economies including Oman.
In July, Simon Chan, Director-General of HKETO Dubai, recently visited Oman to meet with government agencies and local companies. During the visit, he attended a ceremony marking the formation of a US$200 million energy transition fund, the first of its kind in Oman, jointly launched by Oman Investment Authority’s (OIA) Future Fund Oman (FFO) and Hong Kong-based private equity firm Templewater. The fund aims to accelerate investment in sustainable energy projects to support Oman’s energy transition and economic diversification efforts under Oman Vision 2040.
Bilateral merchandise trade between Hong Kong and Oman currently stands at around US$200 million. Oman ranked as Hong Kong’s seventh-largest trading partner in the Middle East in 2024. About US$70 million worth of trade between Oman and China was routed through Hong Kong in 2024. There are plenty of rooms and opportunities for further growth.
In August, Abdulsalam Mohammed Al Murshidi, Chairman of OIA, visited Hong Kong and met with its leader, the Chief Executive John Lee. Their discussions focused on strengthening economic, trade, and investment ties, with both sides reaffirming commitments to deeper co-operation in areas of mutual interest.
Additionally, both regions are exploring synergies in Islamic finance. Hong Kong offers a supportive regulatory environment for Shariah-compliant investment products, a growing area of interest for Omani financial
institutions.
Welcoming the Muslim World
While finance remains Hong Kong’s core strength, the city is also developing itself as an inclusive and culturally sensitive destination. This aligns with its broader goal of attracting more tourists and business visitors from Muslim-majority countries, especially from the Gulf and wider Middle East. According to the Hong Kong Tourism Board (HKTB), arrivals from GCC countries grew by 69% year-on-year in 2024.
HKTB has stepped up its halal certification efforts in partnership with the Incorporated Trustees of the Islamic Community Fund of Hong Kong. As a result, Hong Kong now ranks 3rd globally among non-Organisation of Islamic Cooperation countries in the 2025 Global Muslim Travel Index. Halal-certified restaurants, cafes, and food stalls are becoming increasingly accessible throughout the city. A number of hotels have also earned the prestigious 5-Crescent Rating from CrescentRating, a globally recognised standard for Muslim-friendly hospitality.
Major tourist attractions such as Ocean Park Hong Kong and Hong Kong Disneyland now provide halal food and prayer facilities, ensuring Muslim visitors can enjoy a comfortable and respectful experience. Meanwhile, the city’s six mosques, including the iconic Kowloon Mosque and Islamic Centre, continue to offer spiritual support for local and visiting Muslims alike.
Looking Ahead
As the international economy continues to evolve and diversify, Hong Kong is poised to remain a vital global hub – facilitating capital flows, fostering innovation and technology, and building meaningful cultural connections. With its distinctive East-meets-West dynamic, growing Muslim-friendly infrastructure, and strengthening ties with the Gulf, Hong Kong is more than a skyline of skyscrapers; it is a vibrant gateway to opportunity, collaboration, and understanding.
