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Opportunities abound for HK SMEs in Middle East

Hong Kong companies can expect to find opportunities in the Middle East despite recent economic difficulties seen in the region, according to Stephen Wong, the Hong Kong Trade Development Council (HKTDC) regional director for the Middle East and Africa.

Wong, who spoke recently along with other HKTDC branch directors for a series of interviews, said there are signs of gradual stabilisation in the real estate market in Dubai. He said Hong Kong companies are also finding success by widening their scope in the region.

"Qatar, for example, is bidding for the 2022 World Cup, and if they succeed, they have to build 40,000 more rooms," said Mr Wong. "I think there is a opportunity for Hong Kong." Mr Wong also noted that Iraq offers promise as it emerges as part of a "New Silk Road".

"People are trying to connect Europe with Asia, but the only way to do it geographically is via Iraq or via Turkey or Syria. At the moment, because of the real links, they are not connected yet or they have been devastated during the war," Wong said. He said the tens of billions of dollars worth of infrastructure projects in Iraq should also interest Hong Kong companies.

Wong said Hong Kong companies have already been involved with projects such as Dubai’s Burj Khalifa, the tallest building in the world, and the LED video screen at the Meydan horse racing track. Hong Kong’s Mass Transit Railway was also a consultant on the Dubai metro.