The UAE signed a deal for the avoidance of double taxation on income with Hong Kong, during a meeting between businessmen and commercial banks from both parties in Dubai, UAE.

The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs on behalf of the UAE and John Tsang, Hong Kong Minister of Finance, on behalf of Hong Kong, said a statement.

The signing ceremony was attended by senior businessmen and heads of commercial banks and aimed to strengthen the cooperation and partnership in areas of common interest, it said.

It also highlighted the UAE’s international and regional role as a financial and trade country as well as its position as a capital of the Islamic Economy.

The UAE is Hong Kong’s top trading partner in the Middle East and North Africa (Mena) region and ranks 19th on a global scale, it added. - TradeArabia News Service