The not-for-profit Emirates Family Office Association (EFOA) has partnered with the Hong Kong Academy for Wealth (HKAWL) to foster collaboration and knowledge sharing between the family office communities in Greater China and the United Arab Emirates (UAE).
The HKAWL — founded in 2023 and chaired by Adrian Cheng, the third-generation scion of Hong Kong’s billionaire Cheng family — signed a memorandum of understanding (MoU) with EFOA to promote collaborative networking, knowledge exchange, and capacity building between the two entities across Greater China and the UAE, the duo announced on Wednesday.
The partnership will see HKAWL and EFOA explore potential areas of cooperation and support for each organisation’s activities, with a focus on training and development, to strengthen the positions of Abu Dhabi and Hong Kong as global family office hubs, according to a statement.
“The need for legacy development by wealth and business families transcends borders, particularly as both Asian and the Middle East are experiencing similar challenges of family enterprise transformation, cultivating next-gens, and formalising and professionalising family office governance,” said Adrian Cheng, Chairman of HKAWL.
“We think the MOU presents the opportune time for families between Asia and the Middle East to learn and evolve together, to form the bedrock of further collaboration,” said Cheng.
EFOA’s partnership with HKAWL follows the association’s 2024 MOU signings with the Middle East Venture Capital Association (MEVCA), the entity dedicated to the advancement of the venture capital industry in the MENA region; and Wind, a financial data provider in China.
